Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
A core principle in decision science is that people choose according to their subjective values. These values are often measured using unincentivized scales with arbitrary units (e.g., from 0 to 10) or using incentivized willingness-to-pay (WTP) with dollars and cents. What is unclear is whether usi...
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| Main Authors: | , , |
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| Format: | article |
| Language: | EN |
| Published: |
Society for Judgment and Decision Making
2021
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| Subjects: | |
| Online Access: | https://doaj.org/article/a4657cd1fe994e43bbfc0ac01d00c2c5 |
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| Summary: | A core principle in
decision science is that people choose according to their subjective values.
These values are often measured using unincentivized scales with arbitrary
units (e.g., from 0 to 10) or using incentivized willingness-to-pay (WTP) with
dollars and cents. What is unclear is whether using WTP actually improves
choice predictions. In two experiments, we compare the effects of three
different subjective valuation procedures: an unincentivized rating scale, the
same scale with incentives, and incentivized WTP. We use these subjective
values to predict behavior in a subsequent binary food-choice task. The
unincentivized rating task performed better than the incentivized WTP task and
no worse than the incentivized rating task. These findings challenge the view
that subjective valuation tasks need to be incentivized. At least for
low-stakes decisions, commonly used measures such as WTP may reduce predictive
power. |
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