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The Impact of Perceived Justice on Contingent Value Judgments 1
Author(s) -
Schröder Tobias,
Mieg Harald A.
Publication year - 2008
Publication title -
journal of applied social psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.822
H-Index - 111
eISSN - 1559-1816
pISSN - 0021-9029
DOI - 10.1111/j.1559-1816.2008.00299.x
Subject(s) - contingent valuation , compensation (psychology) , equity (law) , willingness to accept , willingness to pay , social psychology , psychology , priming (agriculture) , value (mathematics) , valuation (finance) , economic justice , economics , microeconomics , political science , law , statistics , botany , germination , finance , biology , mathematics
We asked citizens suffering from road traffic about their willingness to pay for the building of a new road bypassing their home village. Opponents of the project were asked what they would consider adequate compensation for accepting the bypass. The perceived fairness of a monetary exchange was the only predictor for the decision in principle to pay or to claim compensation, whereas the exact amount was determined by the expected utility provided by the bypass. Norms of equity or equality introduced in 2 experimental priming conditions biased respondents' willingness to pay. We suggest feeding back the results of contingent valuation surveys into the public debate, instead of interpreting them as a static measure of economic preferences.