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

Published on Feb 1, 2019in European Review of Agricultural Economics2.42
· DOI :10.1093/erae/jby014
Simone Cerroni4
Estimated H-index: 4
('QUB': Queen's University Belfast),
Verity Watson20
Estimated H-index: 20
+ 1 AuthorsJennie I. Macdiarmid16
Estimated H-index: 16
(Aberd.: University of Aberdeen)
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. Induced-value 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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#1Carola Grebitus (ASU: Arizona State University)H-Index: 15
#2Jayson L. Lusk (OSU: Oklahoma State University–Stillwater)H-Index: 49
Last.Rodolfo M. Nayga (UA: University of Arkansas)H-Index: 45
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#1Azucena Gracia (University of Santiago de Compostela)H-Index: 3
#2María L. Loureiro García (University of Santiago de Compostela)H-Index: 31
Last.Rodolfo M. Nayga (University of Santiago de Compostela)H-Index: 2
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#1Kelvin Balcombe (University of Reading)H-Index: 25
#2Iain Fraser (UKC: University of Kent)H-Index: 28
Last.Salvatore Di Falco (UKC: University of Kent)H-Index: 26
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#1Denzil G. Fiebig (UNSW: University of New South Wales)H-Index: 26
#2Michael Keane (UTS: University of Technology, Sydney)H-Index: 54
Last.Nada Wasi (UTS: University of Technology, Sydney)H-Index: 8
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