Abstract: While a number of hypothetical bias mitigation methods have been proposed, the problem remains as the literature continues to debate the effectiveness and practicality of the mitigation methods (Loomis, 2011). We propose an easy to implement methods to mitigate hypothetical bias in choice experiments. The method involve asking respondents to recall the Ten Commandments prior to willingness to pay elicitation. Our result shows that the proposed method exhibit sign of hypothetical bias mitigation.
#neuroeconomy, #nudge #behavioral_economics