Abstract
| Original language | English |
|---|---|
| Pages (from-to) | 3-27 |
| Number of pages | 25 |
| Journal | European Review of Agricultural Economics |
| Volume | 46 |
| Issue number | 1 |
| Early online date | 3 Jul 2018 |
| DOIs | |
| Publication status | Published - Feb 2019 |
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Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions. / Cerroni, Simone (Corresponding Author); Watson, Verity; Kalentakis, Dimitrios; Macdiarmid, Jennie I.
In: European Review of Agricultural Economics, Vol. 46, No. 1, 02.2019, p. 3-27.Research output: Contribution to journal › Article
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TY - JOUR
T1 - Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions
AU - Cerroni, Simone
AU - Watson, Verity
AU - Kalentakis, Dimitrios
AU - Macdiarmid, Jennie I.
N1 - Acknowledgements We thank Christian Reynolds for his help in organising sessions and running the experiment at the Scottish Experimental Economics Laboratory (SEEL) at University of Aberdeen. We also thank Sylvia Stephen for her help in creating the recipes for the lasagnes and the professional cooks of the Human Nutrition Unit of the Rowett Institute for preparing the final products. We appreciate comments on the approach from Professor Joseph Swierzbinski. We thank three anonymous reviewers and the editor for comments on an earlier draft of this paper. Funding This research was funded by the Scottish Government – Rural Affairs and the Environment Strategic Research (RESAS) – and the Chief Scientist Office of the Scottish Government Health and Care Directorates.
PY - 2019/2
Y1 - 2019/2
N2 - This paper tests if second-price Vickrey auction (SPVA) and discrete choice experiment (DCE) are isomorphic, and whether lack of isomorphism is due to value elicitation, value-formation or both. We conduct an artefactual field experiment that combines induced-value (IV) and home-grown (HG) procedures using SPVA and DCE. Induced-value preferences are elicited for tokens and HG preferences for multi-attribute lasagnes. Attributes are healthiness and environmental sustainability. Our results suggest that HG preferences differ across elicitation methods. This discrepancy is due to value-elicitation and value-formation. DCE is the most demand revealing approach and provides the highest premiums for healthy and environmentally sustainable lasagnes.
AB - This paper tests if second-price Vickrey auction (SPVA) and discrete choice experiment (DCE) are isomorphic, and whether lack of isomorphism is due to value elicitation, value-formation or both. We conduct an artefactual field experiment that combines induced-value (IV) and home-grown (HG) procedures using SPVA and DCE. Induced-value preferences are elicited for tokens and HG preferences for multi-attribute lasagnes. Attributes are healthiness and environmental sustainability. Our results suggest that HG preferences differ across elicitation methods. This discrepancy is due to value-elicitation and value-formation. DCE is the most demand revealing approach and provides the highest premiums for healthy and environmentally sustainable lasagnes.
U2 - 10.1093/erae/jby014
DO - 10.1093/erae/jby014
M3 - Article
VL - 46
SP - 3
EP - 27
JO - European Review of Agricultural Economics
JF - European Review of Agricultural Economics
SN - 0165-1587
IS - 1
ER -