Using cheap talk as a test of validity in choice experiments

In two experiments on the choice of consumer goods, the estimated marginal willingness to pay for food is found to be lower in the survey version with cheap talk. Our test can be seen as a test of hypothetical bias. This implies that we cannot reject the hypothesis of a hypothetical bias for marginal WTP in choice experiments. (c) 2005 Elsevier B.V. All rights reserved.