Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.

Incentive Incompatibility and Starting-Point Bias in Iterative Valuation Questions

John C. Whitehead
Land Economics
Vol. 78, No. 2 (May, 2002), pp. 285-297
DOI: 10.2307/3147274
Stable URL: http://www.jstor.org/stable/3147274
Page Count: 13
  • Read Online (Free)
  • Download ($17.00)
  • Subscribe ($19.50)
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Incentive Incompatibility and Starting-Point Bias in Iterative Valuation Questions
Preview not available

Abstract

We test for incentive incompatibility and starting-point bias to describe the effects of iterative valuation questions on willingness to pay. We compare double-, triple-, and multiple-bounded models with data from two surveys with similar designs of the valuation questions. We find that incentive incompatibility is present in both sets of data and starting-point bias is present in one. The efficiency of the willingness-to-pay estimate is improved in only one set of data. The potential loss from using iterative questions without controlling for both incentive incompatibility and starting-point bias is biased willingness-to-pay estimates.

Page Thumbnails

  • Thumbnail: Page 
[285]
    [285]
  • Thumbnail: Page 
286
    286
  • Thumbnail: Page 
287
    287
  • Thumbnail: Page 
288
    288
  • Thumbnail: Page 
289
    289
  • Thumbnail: Page 
290
    290
  • Thumbnail: Page 
291
    291
  • Thumbnail: Page 
292
    292
  • Thumbnail: Page 
293
    293
  • Thumbnail: Page 
294
    294
  • Thumbnail: Page 
295
    295
  • Thumbnail: Page 
296
    296
  • Thumbnail: Page 
297
    297