|Appears in Collections:||Economics Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Behavioral implications of providing real incentives in stated choice experiments|
|Authors:||Morkbak, Morten Raun|
Olsen, Soren Boye
Willingness to pay
|Citation:||Morkbak MR, Olsen SB & Campbell D (2014) Behavioral implications of providing real incentives in stated choice experiments, Journal of Economic Psychology, 45, pp. 102-116.|
|Abstract:||This paper explores the potential impacts of introducing real economic incentives in Choice Experiments (CE). While many others have investigated such impacts before, the majority of the literature has focused solely on mitigation of hypothetical bias. We contribute to this literature by widening the scope of research to other behavioural aspects where consumers in CE are often found to deviate from homo economicus. We develop a theoretical model where not only Willingness to pay (WTP) measures but also decision processing can be affected by the introduction of an economic incentive. Specifically, our model allows for differential impacts on attribute processing, depending on the character of the attribute as well as self-image effects. In an empirical CE survey, we find some, though not unequivocal, support of our model. Even though we find no impact on WTP from introducing an economic incentive, we find marked benefits in relation to a number of behavioural aspects that together would favour the use of an economic incentive regardless of hypothetical bias being present or not.|
|Rights:||Published in Journal of Economic Psychology by Elsevier; Elsevier believes that individual authors should be able to distribute their accepted author manuscripts for their personal voluntary needs and interests, e.g. posting to their websites or their institution’s repository, e-mailing to colleagues. The Elsevier Policy is as follows: Authors retain the right to use the accepted author manuscript for personal use, internal institutional use and for permitted scholarly posting provided that these are not for purposes of commercial use or systematic distribution. An "accepted author manuscript" is the author’s version of the manuscript of an article that has been accepted for publication and which may include any author-incorporated changes suggested through the processes of submission processing, peer review, and editor-author communications.|
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