Valuation using multiple price list formats

    Authors

    S. Anderson; G. W. Harrison; M. I. Lau;E. E. Rutstrom

    Comments

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    Abbreviated Journal Title

    Appl. Econ.

    Keywords

    DISCOUNT RATES; ELICITATION; REWARDS; VALUES; Economics

    Abstract

    We examine the properties of a popular method for elicitation of valuations from experimental subjects, the multiple price list format. The main advantages of this format are that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concerns in the context of eliciting willingness to pay for products. We find that the multiple price list can elicit relatively precise valuations for products, and that those valuations are robust to possible framing effects. It therefore offers an attractive procedure for eliciting valuations for goods.

    Journal Title

    Applied Economics

    Volume

    39

    Issue/Number

    4-6

    Publication Date

    1-1-2007

    Document Type

    Article

    Language

    English

    First Page

    675

    Last Page

    682

    WOS Identifier

    WOS:000246579100025

    ISSN

    0003-6846

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