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

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

Research output: Contribution to journalArticle

4 Citations (Scopus)
15 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 languageEnglish
Pages (from-to)3-27
Number of pages25
JournalEuropean Review of Agricultural Economics
Volume46
Issue number1
Early online date03 Jul 2018
DOIs
Publication statusPublished - 01 Feb 2019

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