Revisiting Cheap Talk with New Evidence from a Field Experiment

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Silva, Andres; Nayga, Rodolfo M., Jr.; Campbell, Benjamin L.; Park, John L.;
  • Subject: BDM, cheap talk, field experiment, hypothetical bias, willingness-to-pay, Research Methods/ Statistical Methods,

We assess the reduction of hypothetical bias in consumers’ willingness to pay (WTP) for products by applying a generic, short, and neutral cheap talk script in a retail setting. Using an open-ended elicitation mechanism with non-hypothetical, hypothetical, and hypothe... View more
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