Buying Time: Real and Hypothetical Offers

This article provides the results of a field test of contingent valuation estimates within a willingness to accept framework. Using dichotomous choice questions in telephone–mail–telephone interviews, we compare survey respondents' responses to real and hypothetical offers for the opportunity to spend time in a second set of interviews on an undisclosed topic. Five hundred and forty people were randomly split between the real and hypothetical treatments. Our findings indicate no significant differences between people's choices with real and hypothetical offers. Choice models werenotsignificantly different between real and hypothetical offers.