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Resolvable and near-epistemic uncertainty in stated preference for olive oil: an empirical exploration

Scarpa, Riccardo; Bazzani, Claudia; Begalli, Diego; Capitello, Roberta

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Authors

Claudia Bazzani

Diego Begalli

Roberta Capitello



Abstract

We elicit subjective probabilities of choice using a choice experiment designed to study preferences of German consumers for high quality Italian extra‐virgin olive oils. We develop an econometric framework to address the issues of resolvable and near‐epistemic uncertainty. Focussing on behaviourally meaningful quantities linked to changes in oil attributes, such as marginal probabilities and marginal willingness to pay, we found estimates of these quantities to be robust to both types of uncertainty from both discrete and fractional elicitation formats of the response variable. The frequency and presence of potentially near‐epistemic responses are explained by socio‐economic covariates, but their effects are not always in the same direction as in models of heteroskedastic choice, suggesting the existence of different sources. Rounding behaviour in subjective probabilities statements conforms with previous findings in the literature.

Citation

Scarpa, R., Bazzani, C., Begalli, D., & Capitello, R. (2021). Resolvable and near-epistemic uncertainty in stated preference for olive oil: an empirical exploration. Journal of Agricultural Economics, 72(2), 335-369. https://doi.org/10.1111/1477-9552.12398

Journal Article Type Article
Acceptance Date Jul 27, 2020
Online Publication Date Oct 6, 2020
Publication Date 2021-06
Deposit Date Jul 30, 2020
Publicly Available Date Oct 6, 2022
Journal Journal of Agricultural Economics
Print ISSN 0021-857X
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 72
Issue 2
Pages 335-369
DOI https://doi.org/10.1111/1477-9552.12398
Public URL https://durham-repository.worktribe.com/output/1265240

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