Abstract
We extend the contingent valuation (CV) method to test three differing conceptions of individuals' preferences as either: (i) a-priori well-formed or readily divined and revealed through a single dichotomous choice question (as per the NOAA CV guidelines; Arrow et al., 1993]; (ii) learned or 'discovered' through a process of repetition and experience [Plott, 1996; List, 2003]; (iii) internally coherent but strongly influenced by some initial arbitrary anchor [Ariely et al., 2003]. Findings reject both the first and last of these conceptions in favour of a model in which preferences converge towards standard expectations through a process of repetition and learning.
Original language | English |
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Pages (from-to) | 1-25 |
Number of pages | 25 |
Journal | Working Paper - Centre for Social and Economic Research on the Global Environment |
Issue number | 1 |
Publication status | Published - 01 Dec 2006 |
Keywords
- Coherent arbitrariness
- Contingent valuation
- Discovered preferences
- Learning
- Preference formation
ASJC Scopus subject areas
- Geography, Planning and Development
- General Earth and Planetary Sciences
- Global and Planetary Change
- Management, Monitoring, Policy and Law
- Aerospace Engineering