Journal
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
Volume 86, Issue 2, Pages 467-482Publisher
BLACKWELL PUBLISHERS
DOI: 10.1111/j.0092-5853.2004.00592.x
Keywords
CVM; conjoint analysis; heteroskedastic extreme value model; hypothetical bias; multinomial probit; random parameters logit
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This study compares hypothetical and nonhypothetical responses to choice experiment questions. We test for hypothetical bias in a choice experiment involving beef ribeye steaks with differing quality attributes. In general, hypothetical responses predicted higher probabilities of purchasing beef steaks than nonhypothetical responses. Thus, hypothetical choices overestimate total willingness-to-pay for beef steaks. However, marginal willingness-to-pay for a change in steak quality is, in general, not statistically different across hypothetical and actual payment settings.
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