Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/27126
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Accommodating satisficing behaviour in stated choice experiments
Author(s): Sandorf, Erlend Dancke
Campbell, Danny
Contact Email: danny.campbell@stir.ac.uk
Keywords: random utility maximization
satisficing
stated choice experiments
Issue Date: 1-Feb-2019
Citation: Sandorf ED & Campbell D (2019) Accommodating satisficing behaviour in stated choice experiments. European Review of Agricultural Economics, 46 (1), pp. 133-162. https://doi.org/10.1093/erae/jby021
Abstract: Accumulating evidence suggests that respondents in stated choice experiments use simplifying strategies. Such behavior is a deviation from random utility theory and can lead to wrong inferences regarding preferences. This is a first attempt to systematically explore satisficing in stated choice experiments. We consider 944 satisficing rules and allow respondents to revise the rules adopted throughout the choice sequence. Only a minority of respondents used the same satisficing rule across the entire sequence. Allowing for updating reveals that the use of the heuristic changes over the choice sequence. Considering satisficing behavior leads to improved model fits and different marginal willingness-to-pay estimates.
DOI Link: 10.1093/erae/jby021
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is a pre-copyedited, author-produced PDF of an article accepted for publication in European Review of Agricultural Economics following peer review. The version of record Sandorf ED & Campbell D (2019) Accommodating satisficing behaviour in stated choice experiments. European Review of Agricultural Economics, 46 (1), pp. 133-162 is available online at: https://doi.org/10.1093/erae/jby021

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