The reversals of valuation that we have observed in both SWTP and punitive
damages raise a significant prescriptive question: When different methods for
eliciting attitudes yield conflicting results, which method should be used? In
general, of course, decisions that are based on a richer set of considerations and on
a broader context are more likely to be stable and to satisfy standards of
rationality. This principle suggests that asking people for choices may be better
than asking them to consider issues in isolation. We have seen, for example, that
the priority of public health over ecological concerns is effectively suppressed in
the SWTP measure, and only becomes evident when respondents must compare
items from the two categories. Similarly, the difference in the outrageousness of
actions that cause physical or financial damage was suppressed when cases were
considered in isolation, and only revealed by a direct comparison. The benefits of
improved rationality are more likely to be achieved if the context of comparison is
truly broad, and if it has been selected impartially. Mere exhortations to consider
many possibilities NOAA panel, 1993. are not likely to be effective.
The reversals of valuation that we have observed in both SWTP and punitivedamages raise a significant prescriptive question: When different methods foreliciting attitudes yield conflicting results, which method should be used? Ingeneral, of course, decisions that are based on a richer set of considerations and ona broader context are more likely to be stable and to satisfy standards ofrationality. This principle suggests that asking people for choices may be betterthan asking them to consider issues in isolation. We have seen, for example, thatthe priority of public health over ecological concerns is effectively suppressed inthe SWTP measure, and only becomes evident when respondents must compareitems from the two categories. Similarly, the difference in the outrageousness ofactions that cause physical or financial damage was suppressed when cases wereconsidered in isolation, and only revealed by a direct comparison. The benefits ofimproved rationality are more likely to be achieved if the context of comparison istruly broad, and if it has been selected impartially. Mere exhortations to considermany possibilities NOAA panel, 1993. are not likely to be effective.
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