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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

<a href="/cs/project/EF16_026%2F0008430" target="_blank" >EF16_026/0008430: Nová mobilita - vysokorychlostní dopravní systémy a dopravní chování populace</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Economics of Transportation

ISSN

2212-0122

e-ISSN

—

Svazek periodika

20

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

11

Strana od-do

1-11

Kód UT WoS článku

000499111900001

EID výsledku v databázi Scopus

2-s2.0-85072563327