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Related Concept Videos

Bias01:22

Bias

Bias refers to any tendency that prevents a question from being considered unprejudiced. In research, bias occurs when one outcome or answer is selected or encouraged over others in sampling or testing. Bias can occur during any research phase, including study design, data collection, analysis, and publication.
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...
Hindsight Biases01:12

Hindsight Biases

Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now?
Unrealistic Optimism Bias01:30

Unrealistic Optimism Bias

Unrealistic optimism bias is the tendency to overestimate the likelihood of positive outcomes. This cognitive bias makes individuals believe they are less likely to experience failures, setbacks, or risks and more likely to succeed than others. For example, people may assume they are less prone to health issues, accidents, or financial struggles than their peers, even when they share similar risk factors.One key component of this bias is the above-average effect, where individuals perceive...
Confirmation Biases01:31

Confirmation Biases

The confirmation bias is the tendency to focus on information that confirms our existing beliefs and ignore information that is inconsistent with our expectations. For example, if you think that your professor is not very nice, you notice all of the instances of rude behavior exhibited by the professor while ignoring the countless pleasant interactions he is involved in on a daily basis. Have you ever fallen prey to the confirmation bias, either as the source or target of such bias?
Motivational Bias01:25

Motivational Bias

Cognitive bias results from limitations in thinking and information processing, leading to systematic errors in judgment. Conversely, motivational bias stems from personal desires or emotions, causing distortions in perception to align with self-interest. Motivational bias influences how individuals perceive and attribute causes to events, often shaped by personal needs, goals, and self-esteem preservation. This bias can distort judgment, leading to inaccurate assessments of success, failure,...
Cause and Effect01:53

Cause and Effect

While variables are sometimes correlated because one does cause the other, it could also be that some other factor, a confounding variable, is actually causing the systematic movement in our variables of interest. For instance, as sales in ice cream increase, so does the overall rate of crime. Is it possible that indulging in your favorite flavor of ice cream could send you on a crime spree? Or, after committing crime do you think you might decide to treat yourself to a cone?

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Exploring the Role of Deontic Reasoning and World Knowledge in Wason&#180;s Selection Task
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Oaths and hypothetical bias.

T H Stevens1, Maryam Tabatabaei, Daniel Lass

  • 1Department of Resource Economics, University of Massachusetts, 224 Stockbridge Hall, Amherst, MA 01003, USA. tstevens@resecon.umass.edu

Journal of Environmental Management
|May 21, 2013
PubMed
Summary
This summary is machine-generated.

An experimental oath effectively eliminated hypothetical bias in stated preference valuation studies. Results showed no significant difference between hypothetical and actual payments when using an oath.

Keywords:
Economic valuationExperimental economicsHypothetical biasStated preferences

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Area of Science:

  • Environmental Economics
  • Behavioral Economics
  • Experimental Economics

Background:

  • Stated preference valuation is crucial for environmental policy but susceptible to hypothetical bias.
  • Existing methods to mitigate hypothetical bias have limitations.
  • Oaths offer a novel approach to enhance the reliability of stated preference data.

Purpose of the Study:

  • To investigate the efficacy of an oath in eliminating hypothetical bias in stated preference valuation.
  • To compare the effectiveness of an oath against other bias-reduction techniques.
  • To determine if an oath can align hypothetical willingness-to-pay with actual payments.

Main Methods:

  • Experimental design involving stated preference valuation tasks.
  • Implementation of an oath-taking procedure for participants.
  • Comparison of mean hypothetical payments with mean actual payments.
  • Regression analyses controlling for participant characteristics.

Main Results:

  • The oath significantly reduced or eliminated the difference between hypothetical and actual payments.
  • Mean hypothetical payments were not statistically different from mean actual payments when the oath was administered.
  • Regression models confirmed that the oath effectively mitigated hypothetical bias.

Conclusions:

  • An oath is a practical and effective tool for eliminating hypothetical bias in stated preference valuation.
  • The findings support the use of oaths to improve the accuracy of economic valuation studies.
  • This method enhances the credibility of stated preference data for policy-making.