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Self-selected intervals in psycho-physic experiments and the measurement of willingness to pay

Persichina, Marco and Kriström, Bengt (2022). Self-selected intervals in psycho-physic experiments and the measurement of willingness to pay. Journal of Behavioral and Experimental Economics. 98 , 101839
[Research article]

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Abstract

Standard elicitation approaches used to obtain quantitative information typically assume that individuals can provide a precise value. For unfamiliar (as well as familiar) goods, this is a strong assumption. We suggest the 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 specific sound environments were randomly inserted into a set of 31 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 enables individuals to provide reasonably consistent rankings of environmental improvements, even if individuals find it difficult to pin down a precise value. Thus, self-selected interval elicitation seems to have merit.

Authors/Creators:Persichina, Marco and Kriström, Bengt
Title:Self-selected intervals in psycho-physic experiments and the measurement of willingness to pay
Series Name/Journal:Journal of Behavioral and Experimental Economics
Year of publishing :2022
Volume:98
Article number:101839
Number of Pages:10
Publisher:ELSEVIER SCIENCE INC
ISSN:2214-8043
Language:English
Publication Type:Research article
Article category:Scientific peer reviewed
Version:Published version
Copyright:Creative Commons: Attribution-Noncommercial-No Derivative Works 4.0
Full Text Status:Public
Subjects:(A) Swedish standard research categories 2011 > 5 Social Sciences > 502 Economics and Business > Economics
Keywords:self-selected interval, willingness to pay, elicitation surveys, psychophysics stimuli, sound experiment
URN:NBN:urn:nbn:se:slu:epsilon-p-117247
Permanent URL:
http://urn.kb.se/resolve?urn=urn:nbn:se:slu:epsilon-p-117247
Additional ID:
Type of IDID
DOI10.1016/j.socec.2022.101839
Web of Science (WoS)000793635800018
ID Code:28109
Faculty:S - Faculty of Forest Sciences
Department:(S) > Dept. of Forest Economics
Deposited By: SLUpub Connector
Deposited On:27 May 2022 14:26
Metadata Last Modified:27 May 2022 14:31

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