Buying Time: Real and Hypothetical Offers

30 Pages Posted: 12 May 1997

See all articles by V. Kerry Smith

V. Kerry Smith

Arizona State University (ASU) - Economics Department; National Bureau of Economic Research (NBER)

Carol Mansfield

Research Triangle Institute - Center for Economics Research (CER)

Date Written: September 24, 1996

Abstract

This paper provides the results of a field test of contingent valuation estimates within a willingness to accept framework. Using dichotomous choice questions in telephone- mail-telephone interviews, we compare responses to real and hypothetical offers to survey respondents for the opportunity to spend time in a second set of interviews on an undisclosed topic. Five hundred and forty people were randomly split between the real and hypothetical treatments. Our findings indicate no significant differences between people's choices with real and hypothetical offers. Choice models indicate the size of the offer and income were significant determinants of respondents' decisions, and these models were not significantly different between real and hypothetical offers.

JEL Classification: C93, D12, Q2

Suggested Citation

Smith, V. Kerry and Mansfield, Carol, Buying Time: Real and Hypothetical Offers (September 24, 1996). Available at SSRN: https://ssrn.com/abstract=64828 or http://dx.doi.org/10.2139/ssrn.64828

V. Kerry Smith (Contact Author)

Arizona State University (ASU) - Economics Department ( email )

Tempe, AZ 85287-3806
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Carol Mansfield

Research Triangle Institute - Center for Economics Research (CER) ( email )

3040 Cornwallis Road
Research Triangle Park, NC 27709-2194
United States

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