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Hypothetical bias and framing effect in the valuation of private consumer goods Cover

Hypothetical bias and framing effect in the valuation of private consumer goods

Open Access
|Oct 2019

Figures & Tables

Fig. 1

Experiment: WTPs by treatment (in PLN). Notes: The blue rectangle represents the middle 50% of the data (from the first quartile to the third quartile), the line inside the box shows the median (the second quartile), and the whiskers represent the top and the bottom 25% values, excluding outliers, which are represented by dots.
Experiment: WTPs by treatment (in PLN). Notes: The blue rectangle represents the middle 50% of the data (from the first quartile to the third quartile), the line inside the box shows the median (the second quartile), and the whiskers represent the top and the bottom 25% values, excluding outliers, which are represented by dots.

Descriptive statistics (monetary values in PLN)

HypoNHypoPRealNRealP
n42384443
Mean31.1935.1117.3019.56
Median30351515
Standard deviation13.9515.4713.4415.77

Regression table: WTP values

Mlb/zM2b/zM3b/zM4b/z
hypothetical11.197*** (4.970)11.923*** (4.033)13.547*** (4.906)12.341*** (6.022)
framing_pos2.594 (1.189)3.320 (1.144)2.857 (1.033)
information_e11.539*** (5.254)11.649*** (5.243)9.653*** (4.447)9.462*** (4.422)
needs_e2.423 (1.044)2.412 (1.036)
finance_e3.480 (1.411)3.463 (1.399)
using_mascara4.395 (1.283)4.299 (1.248)
price_30–506.167** (2.529)6.171** (2.523)5.792** (2.546)5.826** (2.569)
price>509.371*** (2.797)9.450*** (2.807)8.426*** (2.752)8.851*** (2.944)
cosm_expenses5.714** (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)
relationship4.397** (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)
constant24.056 (0.924)23.760 (0.909)8.486*** (3.329)9.951*** (4.732)
N154154160160
R-sgr0.46040.46100.44010.4361
F8.477.8714.8319.72
Prok>F0.00000.00000.00000.0000
DOI: https://doi.org/10.1515/ceej-2018-0024 | Journal eISSN: 2543-6821 | Journal ISSN: 2544-9001
Language: English
Page range: 260 - 269
Published on: Oct 13, 2019
Published by: Faculty of Economic Sciences, University of Warsaw
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2019 Magdalena Brzozowicz, published by Faculty of Economic Sciences, University of Warsaw
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.