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- W2945185714 abstract "In a controlled lab experiment, we investigate hypothetical biases in the value of time by comparingstated preference (SP) and revealed preference (RP) values attached to unexpected waiting times.The SP and RP choice sets are identical in terms of design with the only difference being thatthe RP choices have real consequences in terms of unexpected waiting times and monetaryincentives. We find a substantial hypothetical bias with the average SP value of time being only71% of the corresponding RP value. The bias is mainly driven by participants who have schedulingconstraints during the time of the unexpected wait. Scheduling constraints are taken into accountto a much lesser extent in the SP setting than in the RP setting, presumably because only in thelatter, the consequences of ignoring them are costly. We find evidence that this effect is strongerfor persons with relatively low cognitive ability." @default.
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- W2945185714 date "2019-12-01" @default.
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- W2945185714 title "Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments" @default.
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