Accommodating satisficing behaviour in stated choice experiments

Sammanfattning

Accumulating evidence suggests that respondents in stated choice experiments use simplifying strategies. Such behaviour is a deviation from random utility theory and can lead to wrong inferences regarding preferences. This is a first attempt to systematically explore satisficing in stated choice experiments. We consider 944 satisficing rules and allow respondents to revise the rules adopted throughout the choice sequence. Only a minority of respondents used the same satisficing rule across the entire sequence. Allowing for updating reveals that the use of the heuristic changes over the choice sequence. Considering satisficing behaviour leads to improved model fits and different marginal willingness-to-pay estimates.

Nyckelord

random utility maximisation; satisficing; stated choice experiments

Publicerad i

European Review of Agricultural Economics
2019, volym: 46, nummer: 1, sidor: 133-162
Utgivare: OXFORD UNIV PRESS

SLU författare

• Dancke Sandorf, Erlend

  • Institutionen för skogsekonomi, Sveriges lantbruksuniversitet
    

UKÄ forskningsämne

Nationalekonomi

Publikationens identifierare

• DOI: https://doi.org/10.1093/erae/jby021

Permanent länk till denna sida (URI)

https://res.slu.se/id/publ/99588