With a little help from an anchor. Discussion and evidence of anchoring effects in contingent valuation

N. J.A. van Exel*, W. B.F. Brouwer, B. van den Berg, M. A. Koopmanschap

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

64 Citations (Scopus)

Abstract

Contingent valuation enjoys increasing popularity among transport, environmental and health economists, though the method has often been criticized. We discuss the main points of controversy, with a focus on anchoring effects. Available literature indicates that higher ambiguity, lower familiarity, relevance or involvement with the problem, a more trustworthy source and a more plausible bid tend to be associated with stronger anchoring effects. In two studies among informal caregivers we found that respondents use all sorts of anchors when eliciting their value of time. We end with a discussion of the substantive significance of CV for economics.

Original languageEnglish
Pages (from-to)836-853
Number of pages18
JournalJournal of Socio-Economics
Volume35
Issue number5
DOIs
Publication statusPublished - Oct 2006

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