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Author(s) -
Whynes David K.,
Philips Zoë,
Frew Emma
Publication year - 2005
Publication title -
health economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.55
H-Index - 109
eISSN - 1099-1050
pISSN - 1057-9230
DOI - 10.1002/hec.1001
Subject(s) - valuation (finance) , contingent valuation , value (mathematics) , actuarial science , willingness to pay , economics , econometrics , statistics , mathematics , microeconomics , finance
An examination of the willingness to pay values elicited from more than 3000 persons involved in three independent studies revealed that the majority had offered one of a limited number of values from the ranges available to them. These values were ‘prominent numbers’, the use of which has been observed previously in circumstances where subjects feel that precise estimates of value are either difficult to make, or are not worth making. The existence of widespread prominence in response is suggestive of hypothetical bias in contingent valuation. Copyright © 2005 John Wiley & Sons, Ltd.