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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Autores principales:	Joshua Hascher, Nitisha Desai, Ian Krajbich
Formato:	article
Lenguaje:	EN
Publicado:	Society for Judgment and Decision Making 2021
Materias:	decision-making valuation incentivization choice consistency willingness-to-pay becker degroot marschak auctionnakeywords Social Sciences H Psychology BF1-990
Acceso en línea:	https://doaj.org/article/a4657cd1fe994e43bbfc0ac01d00c2c5
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id	oai:doaj.org-article:a4657cd1fe994e43bbfc0ac01d00c2c5
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spelling	oai:doaj.org-article:a4657cd1fe994e43bbfc0ac01d00c2c52021-11-29T22:45:18ZIncentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice1930-2975https://doaj.org/article/a4657cd1fe994e43bbfc0ac01d00c2c52021-11-01T00:00:00Zhttp://journal.sjdm.org/20/200808a/jdm200808a.pdfhttps://doaj.org/toc/1930-2975A 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.Joshua HascherNitisha DesaiIan KrajbichSociety for Judgment and Decision Makingarticledecision-making valuation incentivization choice consistency willingness-to-pay becker degroot marschak auctionnakeywordsSocial SciencesHPsychologyBF1-990ENJudgment and Decision Making, Vol 16, Iss 6, Pp 1464-1484 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	decision-making valuation incentivization choice consistency willingness-to-pay becker degroot marschak auctionnakeywords Social Sciences H Psychology BF1-990
spellingShingle	decision-making valuation incentivization choice consistency willingness-to-pay becker degroot marschak auctionnakeywords Social Sciences H Psychology BF1-990 Joshua Hascher Nitisha Desai Ian Krajbich Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
description	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.
format	article
author	Joshua Hascher Nitisha Desai Ian Krajbich
author_facet	Joshua Hascher Nitisha Desai Ian Krajbich
author_sort	Joshua Hascher
title	Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
title_short	Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
title_full	Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
title_fullStr	Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
title_full_unstemmed	Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
title_sort	incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice
publisher	Society for Judgment and Decision Making
publishDate	2021
url	https://doaj.org/article/a4657cd1fe994e43bbfc0ac01d00c2c5
work_keys_str_mv	AT joshuahascher incentivizedandnonincentivizedlikingratingsoutperformwillingnesstopayinpredictingchoice AT nitishadesai incentivizedandnonincentivizedlikingratingsoutperformwillingnesstopayinpredictingchoice AT iankrajbich incentivizedandnonincentivizedlikingratingsoutperformwillingnesstopayinpredictingchoice
_version_	1718406881530085376

Incentivized and non-incentivized liking ratings outperform willingness-to-pay in predicting choice

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