Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions

Simone Cerroni; Verity Watson; Dimitrios Kalentakis; Jennie I. Macdiarmid

doi:10.1093/erae/jby014

Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions

Simone Cerroni, Verity Watson, Dimitrios Kalentakis, Jennie I. Macdiarmid

School of Biological Sciences

Research output: Contribution to journal › Article › peer-review

13 Citations (Scopus)

166 Downloads (Pure)

Abstract

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. IV 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.

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	03 Jul 2018
DOIs	https://doi.org/10.1093/erae/jby014
Publication status	Published - 01 Feb 2019

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Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions
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Cite this

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abstract = "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. IV 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.",

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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. IV 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.

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Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions

Abstract

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