Hypothetical bias and framing effect in the valuation of private consumer goods
| Oct 13, 2019
About this article
Published Online: Oct 13, 2019
Page range: 260 - 269
DOI: https://doi.org/10.1515/ceej-2018-0024
Keywords
© 2018 M. Brzozowicz, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.
Fig. 1
Descriptive statistics (monetary values in PLN)
| HypoN | HypoP | RealN | RealP | |
|---|---|---|---|---|
| 42 | 38 | 44 | 43 | |
| 31.19 | 35.11 | 17.30 | 19.56 | |
| 30 | 35 | 15 | 15 | |
| 13.95 | 15.47 | 13.44 | 15.77 |
Regression table: WTP values
| Ml | M2 | M3 | M4 | |
|---|---|---|---|---|
| hypothetical | 11.197*** (4.970) | 11.923*** (4.033) | 13.547*** (4.906) | 12.341*** (6.022) |
| framing_pos | 2.594 (1.189) | 3.320 (1.144) | 2.857 (1.033) | |
| information_e | 11.539*** (5.254) | 11.649*** (5.243) | 9.653*** (4.447) | 9.462*** (4.422) |
| needs_e | 2.423 (1.044) | 2.412 (1.036) | ||
| finance_e | 3.480 (1.411) | 3.463 (1.399) | ||
| using_mascara | 4.395 (1.283) | 4.299 (1.248) | ||
| price_30–50 | 6.167** (2.529) | 6.171** (2.523) | 5.792** (2.546) | 5.826** (2.569) |
| price>50 | 9.371*** (2.797) | 9.450*** (2.807) | 8.426*** (2.752) | 8.851*** (2.944) |
| cosm_expenses | 5.714** (2.309) | 5.662** (2.278) | 5.705** (2.431) | 5.569** (2.388) |
| the_same_masc | -3.358 (-1.401) | -3.469 (-1.432) | ||
| self_assessment | -2.304 (-0.941) | -2.242 (-0.911) | ||
| relationship | 4.397** (2.007) | 4.282* (1.931) | ||
| finaneial_syt | -0.793 (-0.359) | -0.871 (-0.391) | ||
| age | -1.083 (-0.869) | -1.080 (-0.863) | ||
| hypoXfram_pos | -1.650 (-0.381) | -2.481 (-0.608) | ||
| design_e | -5.826** (-2.390) | -5.902** (-2.434) | ||
| constant | 24.056 (0.924) | 23.760 (0.909) | 8.486*** (3.329) | 9.951*** (4.732) |
| N | 154 | 154 | 160 | 160 |
| R-sgr | 0.4604 | 0.4610 | 0.4401 | 0.4361 |
| F | 8.47 | 7.87 | 14.83 | 19.72 |
| Prok>F | 0.0000 | 0.0000 | 0.0000 | 0.0000 |