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  1. Self-selected intervals in psycho-physic experiments and the measurement of willingness to pay
    Autor*in: Persichina, Marco; Kriström, Bengt
    Erschienen: [2020]
    Verlag:  Department of Economics, Umeå University, Umeå, Sweden

    Standard elicitation approaches used to obtain quantitative information typically assumes that individuals can provide a precise value. For unfamiliar (as as well as familiar) goods, this is a strong assumption. We suggest they use of self-selected... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 691
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    keine Fernleihe

     

    Standard elicitation approaches used to obtain quantitative information typically assumes that individuals can provide a precise value. For unfamiliar (as as well as familiar) goods, this is a strong assumption. We suggest they use of self-selected intervals, in which the shortest possible interval is a point, i.e. the standard case. To explore this idea we use a state-of-the-art psychophysics lab experiment (N=60), in which five "focal" sound environments were randomly inserted into a set of 30 pairwise comparisons to elicit the subjective value of reducing ambient noise. We found that valuation uncertainty, measured as the length of a self-selected interval, is independent of the psychophysical conditions. The length of the interval is determined mainly by the subjective value of improving the environment, independent of the level of noise. These results, according to our review of the literature, are new. Interval elicitation enable individuals to provide reasonably consistent rankings of environmental improvements, even if individuals find it difficult to pin down aprecise value. Thus, self-selected interval elicitation seems to have merit

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: CERE working paper ; 2020, 16
    Schlagworte: self-selected interval; willingness to pay; elicitation surveys; psychophysics stimuli; sound experiment
    Umfang: 1 Online-Ressource (circa 18 Seiten), Illustrationen