Hypothetical Purchase Task Questionnaires for Behavioral Economic Assessments of Value and Motivation

Peter G. Roma; Steven R. Hursh; Stanton Hudja

doi:10.1002/mde.2718

Hypothetical Purchase Task Questionnaires for Behavioral Economic Assessments of Value and Motivation

Peter G. Roma, Steven R. Hursh, Stanton Hudja

School of Medicine

Research output: Contribution to journal › Article › peer-review

45 Scopus citations

Abstract

We tested effects of hypothetical purchase task (HPT) questionnaire price density (17, 9, or 5 prices) and purchase type (quantity purchased or probability of single purchase) on behavioral economic (BE) measures of value for six commodities. The exponential model of demand provided excellent fits for all HPTs (mean R²=0.98). High density HPTs were most sensitive yet most resistant to distortion. BE value measures were lower in quantity versus probability HPTs. Rank ordering of commodity values agreed regardless of HPT structural manipulations. Expenditure curves were unexpectedly bimodal, but consistent with exponential model predictions. Implications for HPT construction and BE research are discussed.

Original language	English (US)
Journal	Managerial and Decision Economics
DOIs	https://doi.org/10.1002/mde.2718
State	Accepted/In press - 2015

ASJC Scopus subject areas

Business and International Management
Management of Technology and Innovation
Strategy and Management
Management Science and Operations Research

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10.1002/mde.2718

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AB - We tested effects of hypothetical purchase task (HPT) questionnaire price density (17, 9, or 5 prices) and purchase type (quantity purchased or probability of single purchase) on behavioral economic (BE) measures of value for six commodities. The exponential model of demand provided excellent fits for all HPTs (mean R2=0.98). High density HPTs were most sensitive yet most resistant to distortion. BE value measures were lower in quantity versus probability HPTs. Rank ordering of commodity values agreed regardless of HPT structural manipulations. Expenditure curves were unexpectedly bimodal, but consistent with exponential model predictions. Implications for HPT construction and BE research are discussed.

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Hypothetical Purchase Task Questionnaires for Behavioral Economic Assessments of Value and Motivation

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