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A Modified Contingent Valuation Method Shrinks Gain-Loss Asymmetry
Journal of Behavioral and Experimental Economics ( IF 1.831 ) Pub Date : 2021-07-06 , DOI: 10.1016/j.socec.2021.101747
Amita Basu 1 , Narayanan Srinivasan 1, 2
Affiliation  

Large, unpredictably variable gaps between Willingness-to-Accept and Willingness-to-Pay (WTA-WTP gaps) are a methodological concern with the Contingent Valuation Method. The present study investigates WTA-WTP gaps as one manifestation of gain-loss asymmetry: the phenomenon that selling prices exceed buying prices. We investigate some causes of this asymmetry. Using a novel paradigm, and scaled goods, we obtain valuations of three nonmarket goods: one private (Health), and two public (Environment). We systematically explore the effects on gain-loss asymmetry of Good-type (Public vs. Private), Method (Price vs. Choice), and Payment Units (absolute valuation vs. percentage of income). Across methods, gain-loss asymmetry varies by Good-type: it is larger for public goods. We also find that gain-loss asymmetry shrinks, but does not disappear, from Price to Choice. We identify the mechanism of this shrinkage: a bidirectional, asymmetric valuation shift in Gain and in Loss. Eliciting valuations via income percentages instead of absolute values, and reversing the Price/Choice sequence, preserves these effects. Valuations show less variability when elicited as income percentages than when elicited as absolute values. Insofar as smaller and less variable gain-loss asymmetries suggest methodological validity, Choice seems preferable to Price. Further, Income Percentage seems an economically justifiable basis for anchoring contingent valuations.



中文翻译:

一种改进的或有估值方法缩小了损益不对称性

接受意愿和支付意愿之间的巨大的、不可预测的可变差距(WTA-WTP 差距)是条件估值法的方法论问题。本研究将 WTA-WTP 差距作为损益不对称的一种表现形式进行调查:销售价格超过购买价格的现象。我们调查了这种不对称的一些原因。使用一种新颖的范式和按比例缩放的商品,我们获得了三种非市场商品的估值:一种私人商品(健康)和两种公共商品(环境)。我们系统地探讨了好类型(公共与私人)、方法(价格与选择)和支付单位(绝对估值与收入百分比)对损益不对称的影响。在各种方法中,收益-损失不对称因 Good-type 而异:公共物品的收益更大。我们还发现损益不对称性缩小了,但并没有消失,从价格到选择。我们确定了这种收缩的机制:收益和损失的双向、非对称估值变化。通过收入百分比而不是绝对值得出估值,并反转价格/选择序列,可以保留这些影响。以收入百分比得出的估值比以绝对值得出的估值显示出较小的可变性。就更小和更少可变的损益不对称性表明方法学有效性而言,Choice 似乎比 Price 更可取。此外,收入百分比似乎是锚定或有估值的经济合理基础。保留这些效果。以收入百分比得出的估值比以绝对值得出的估值显示出较小的可变性。就更小和更少可变的损益不对称性表明方法学有效性而言,Choice 似乎比 Price 更可取。此外,收入百分比似乎是锚定或有估值的经济合理基础。保留这些效果。当作为收入百分比得出时,估值显示出比作为绝对值得出时更小的可变性。就更小和更少可变的损益不对称性表明方法学有效性而言,Choice 似乎比 Price 更可取。此外,收入百分比似乎是锚定或有估值的经济合理基础。

更新日期:2021-08-03
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