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.

Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions / Cerroni, Simone; Watson, Verity; Kalentakis, Dimitrios; Macdiarmid, Jennie I.. - In: EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS. - ISSN 0165-1587. - 2019, 46:1(2019), pp. 1-25. [10.1093/erae/jby014]

Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions

Simone Cerroni;
2019

Abstract

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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Cerroni, Simone; Watson, Verity; Kalentakis, Dimitrios; Macdiarmid, Jennie I.
Value-elicitation and value-formation properties of discrete choice experiment and experimental auctions / Cerroni, Simone; Watson, Verity; Kalentakis, Dimitrios; Macdiarmid, Jennie I.. - In: EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS. - ISSN 0165-1587. - 2019, 46:1(2019), pp. 1-25. [10.1093/erae/jby014]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11572/224355
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