The Comparison of three Non-hypothetical Valuation Methods: Choice Experiments, Contingent Valuation, and Experimental Auction

This article examines the preferences revealed by three non-hypothetical experiments. We found that WTP estimates from the choice experiment are the highest, followed by that of contingent valuation methods, and then experimental auctions. Our results also suggest that the discrepancies among estimates from the valuation methods can come from the heterogeneity of respondents’ price bargaining aggressiveness.