With a little help from an anchor [An article from: Journal of Socio-Economics]

This digital document is a journal article from Journal of Socio-Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Contingent valuation enjoys increasing popularity among transport, environmental and health economists, though the method has often been criticized. We discuss the main points of controversy, with a focus on anchoring effects. Available literature indicates that higher ambiguity, lower familiarity, relevance or involvement with the problem, a more trustworthy source and a more plausible bid tend to be associated with stronger anchoring effects. In two studies among informal caregivers we found that respondents use all sorts of anchors when eliciting their value of time. We end with a discussion of the substantive significance of CV for economics.