How people respond to contingent valuation questions: A verbal protocol analysis of willingness to pay for an environmental regulation

Journal Article (Journal Article)

This paper investigates what a respondent is thinking when answering a willingness-to-pay question in a contingent valuation, using a "think aloud" technique from psychology called verbal protocol analysis. The willingness-to-pay responses we observed seem to be constructed from a variety of considerations, including an obligation to pay a fair share of the cost of the solution and signaling concern for a larger set of environmental issues. The finding that respondents seem to construct their values at the time they are asked, rather than reporting a more well-defined value, is seen as consistent with over two decades of research on the psychology of decision making. Potential uses of verbal protocols in contingent valuation studies are also discussed. © 1994 by Academic Press, Inc.

Full Text

Duke Authors

Cited Authors

  • Schkade, DA; Payne, JW

Published Date

  • January 1, 1994

Published In

Volume / Issue

  • 26 / 1

Start / End Page

  • 88 - 109

Electronic International Standard Serial Number (EISSN)

  • 1096-0449

International Standard Serial Number (ISSN)

  • 0095-0696

Digital Object Identifier (DOI)

  • 10.1006/jeem.1994.1006

Citation Source

  • Scopus