Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F19%3A00110785" target="_blank" >RIV/00216224:14560/19:00110785 - isvavai.cz</a>
Result on the web
<a href="https://www.sciencedirect.com/science/article/pii/S2212012219300139" target="_blank" >https://www.sciencedirect.com/science/article/pii/S2212012219300139</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.ecotra.2019.100138" target="_blank" >10.1016/j.ecotra.2019.100138</a>

Result language
angličtina
Original language name
Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments
Original language description
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.
Czech name
—
Czech description
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Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
—
OECD FORD branch
50202 - Applied Economics, Econometrics

Project
<a href="/en/project/EF16_026%2F0008430" target="_blank" >EF16_026/0008430: New Mobility - High-Speed Transport Systems and Transport-Related Human Behaviour</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2019
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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