| KRČÁL, Ondřej, Stefanie PEER, Rostislav STANĚK and Bára KARLÍNOVÁ. Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments. Economics of Transportation. 2019, vol. 20, No 1, p. 1-11. ISSN 2212-0122. Available from: https://dx.doi.org/10.1016/j.ecotra.2019.100138. |
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@article{1562659,
author = {Krčál, Ondřej and Peer, Stefanie and Staněk, Rostislav and Karlínová, Bára},
article_number = {1},
doi = {http://dx.doi.org/10.1016/j.ecotra.2019.100138},
keywords = {Valuation of time; Hypothetical bias; Stated preference; Revealed preference; Waiting time},
language = {eng},
issn = {2212-0122},
journal = {Economics of Transportation},
title = {Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments},
url = {https://www.sciencedirect.com/science/article/pii/S2212012219300139},
volume = {20},
year = {2019}
}
TY - JOUR
ID - 1562659
AU - Krčál, Ondřej - Peer, Stefanie - Staněk, Rostislav - Karlínová, Bára
PY - 2019
TI - Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments
JF - Economics of Transportation
VL - 20
IS - 1
SP - 1-11
EP - 1-11
SN - 22120122
KW - Valuation of time
KW - Hypothetical bias
KW - Stated preference
KW - Revealed preference
KW - Waiting time
UR - https://www.sciencedirect.com/science/article/pii/S2212012219300139
L2 - https://www.sciencedirect.com/science/article/pii/S2212012219300139
N2 - In a controlled lab experiment, we investigate hypothetical biases in the value of time by comparing stated preference (SP) and revealed preference (RP) values attached to unexpected waiting times. The SP and RP choice sets are identical in terms of design with the only difference being that the RP choices have real consequences in terms of unexpected waiting times and monetary incentives. We find a substantial hypothetical bias with the average SP value of time being only 70% of the corresponding RP value. The bias is mainly driven by participants who have scheduling constraints during the time of the unexpected wait. Scheduling constraints are taken into account to a much lesser extent in the SP setting than in the RP setting, presumably because only in the latter, the consequences of ignoring them are costly. We find evidence that this effect is stronger for persons with relatively low cognitive ability.
ER -
KRČÁL, Ondřej, Stefanie PEER, Rostislav STANĚK and Bára KARLÍNOVÁ. Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments. \textit{Economics of Transportation}. 2019, vol.~20, No~1, p.~1-11. ISSN~2212-0122. Available from: https://dx.doi.org/10.1016/j.ecotra.2019.100138.
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