We examine the properties of a popular method for elicitation of valuations from experimental subjects, the multiple price list format. The main advantages of this format are that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concerns in the context of eliciting willingness to pay for products. We find that the multiple price list can elicit relatively precise valuations for products, and that those valuations are robust to possible framing effects. It therefore offers an attractive procedure for eliciting valuations for goods.
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Document Type: Research Article
Centre for Economic and Business Research, Copenhagen Business School, Copenhagen, Denmark
College of Business Administration, University of Central Florida, Orlando, USA
Durham Business School, Durham University, Durham, UK
Publication date: 2007-04-01
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