Calibrating hypothetical willingness to pay responses

Magnus Johannesson, Glenn C. Blomquist, Karen Blumenschein, Per olov Johansson, Bengt Liljas, Richard M. O'Conor

Research output: Contribution to journalArticlepeer-review

86 Scopus citations


Experimental data comparing hypothetical and real dichotomous choice responses for two different goods were used to estimate a statistical bias function to calibrate the hypothetical yes responses. The probability that a hypothetical yes response would be a real yes response was estimated as a function of the individual's self-assessed certainty of the hypothetical yes response (assessed on a 0-10 scale) and a variable representing the price level. Without calibration the hypothetical yes responses significantly exceeded the proportion of real yes responses, but after calibration the null hypothesis of no difference between hypothetical and real responses could not be rejected in any of the experiments.

Original languageEnglish
Pages (from-to)21-32
Number of pages12
JournalJournal of Risk and Uncertainty
Issue number1
StatePublished - 1999


  • Calibration
  • Contingent valuation
  • Experiments
  • Hypothetical bias
  • Willingness to pay

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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