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)
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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