Carlsson, Fredrik, Peter Frykblom and Carl johan Lagerkvist. 2005. “Using cheap talk as a test of validity in choice experiments.” Economics Letters 89:2: 147-152.
In two experiments on the choice of consumer goods, the estimated marginal willingness to pay for food is found to be lower in the survey version with cheap talk.
Our test can be seen as a test of hypothetical bias. This implies that we cannot reject the hypothesis of a hypothetical bias for marginal WTP in choice experiments.
Peter Frykblom and Carl Johan Lagerkvist