2004. “Explaining Disparities between Actual and Hypothetical Stated Values: Further Investigation Using Meta-Analysis.” Economics Bulletin

Spurred by the need to account for non−market values in various policy applications, a lively and extended debate has surrounded the presence and magnitude of hypothetical bias in stated value studies (e.g., applications of the survey−based contingent valuation method). Using the rapidly accumulating set of comparison studies, List and Gallet (2001) conducted an initial meta−analysis of the experimental protocol that may be influencing the disparity between real and hypothetical values in stated value studies. We expand the original meta−analysis by using a significantly larger (29%) data set, including variables to account for referendum formats, certainty corrections, and cheap talk scripts. The authors would like to thank Carsten Lange (California State University at Pomona) and an anonymous reviewer for helpfu