TESTING COMMITMENT COST THEORY IN CHOICE EXPERIMENTS

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• 作者：Claudia Bazzani ; Vincenzina Caputo ; Rodolfo M. Nayga JR. and Maurizio Canavari
• 刊名：Economic Inquiry
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：55
• 期：1
• 页码：383-396
• 全文大小：225K
• ISSN：1465-7295

文摘

In choice experiments, it is commonly assumed that individuals make choices in static and certainty decision-making conditions. Real-world choices, however, are usually made in a dynamic setting. Committing a purchase decision under conditions of uncertainty might have a “Commitment Cost” (CC). In this study, we test CC theory using a nonhypothetical choice experiment. Specifically, we test whether choice behavior and willingness to pay estimates differ when individuals have the option to gain present or delayed information or reverse the transaction. Our results suggest that the construction of a dynamic decision context can be relevant in the design of choice experiments. (JEL C90, C93, Q18)