Are you for real?

In this research we theorize on the role of construal level theory (CLT) in as explanation for the hypothetical bias in contingent valuation studies. This is the tendency of people to overestimate their willingness to pay in hypothetical questionnaires. Following previous research, we hypothesize that increasing the psychological distance in terms of hypothecality causes people to think more abstractly, or in higher construal. This construal level moderates whether people use desirability aspects or feasibility aspects when they determine their valuation of a situation, person or object. More specifically, people in high construal use desirability aspects, whereas people in low construal use feasibility aspects. We conducted two studies in which participants evaluated souvenirs. In Study 1, we investigated whether people facing a hypothetical purchase decision are in a higher construal state than people facing a real purchasing decision. In Study 2, we investigated the moderating role of construal level on the relationship between desirability or feasibility aspects on the valuation. We were unable to confirm the hypotheses in these studies, which was possibly caused by suboptimal condition manipulation. In future studies the experimental manipulation should be improved, because if the hypothesis could be confirmed, the impact on the way to handle the hypothetical bias is pervasive.