Valuation using multiple price list formats

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Abstract:

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.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840500462046

Affiliations: 1: Centre for Economic and Business Research, Copenhagen Business School, Copenhagen, Denmark 2: College of Business Administration, University of Central Florida, Orlando, USA 3: Durham Business School, Durham University, Durham, UK

Publication date: April 1, 2007

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