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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 a Bára KARLÍNOVÁ. Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments. \textit{Economics of Transportation}. roč.~20, č.~1, s.~1-11. ISSN~2212-0122. doi:10.1016/j.ecotra.2019.100138. 2019.
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