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Exploring preference anomalies in double bounded contingent valuation.

Verity Watson1, Mandy Ryan

  • 1Health Economics Research Unit, Institute of Applied Health Sciences, University of Aberdeen, Polwarth Building, Foresterhill, Aberdeen, AB25 9ZD, UK. v.watson@abdn.ac.uk

Journal of Health Economics
|November 25, 2006
PubMed
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Double bounded dichotomous choice (DBDC) contingent valuation may yield more efficient willingness to pay (WTP) estimates but can cause unusual respondent behavior. This study explains these anomalies in health economics, questioning iterative valuation formats.

Area of Science:

  • Health Economics
  • Environmental Economics
  • Behavioral Economics

Background:

  • Double bounded dichotomous choice (DBDC) contingent valuation is proposed to enhance willingness to pay (WTP) estimation efficiency.
  • Existing evidence indicates potential for anomalous respondent behavior within the DBDC format.

Purpose of the Study:

  • To investigate and explain anomalies in respondent behavior observed in DBDC contingent valuation within the health domain.
  • To assess the impact of follow-up questions on truthful preference revelation in DBDC surveys.

Main Methods:

  • Analysis of respondent behavior using regression techniques.
  • Examination of raw response data to identify inconsistencies.
  • Comparison of behavior across different response bounds.

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Main Results:

  • The presence of a follow-up question in DBDC format alters incentives for truthful preference revelation.
  • Respondents expressing 'very certain' preferences exhibit fewer anomalies, but inconsistencies persist across bounds.
  • Anomalous behaviors were identified and explained within the context of health valuation.

Conclusions:

  • The findings challenge the reliability and application of iterative valuation formats like DBDC in health economics.
  • Further research is needed to understand and mitigate anomalies in contingent valuation methods.
  • The study questions the suitability of DBDC for accurate WTP estimation in health-related contexts.