“…Regarding the design of SP experiments, attribute values pivoted around the respondents' real-life reference situation have been suggested as a way to reduce hypothetical biases, and have been implemented in numerous applications (Hensher, 2010;Li et al, 2018). However, a recent study by Hultkrantz and Savsin (2018), which also concerns VOT elicitation, provides some evidence that 'referencing' to a specific situation may have little influence on the hypothetical bias, and may actually acerbate it: they find no hypothetical bias to be present if the decision between a 15-minute task and a monetary reward concerns the present moment (which hence assumes the role of a reference point), but indirectly find evidence for a hypothetical bias to exist if the trade-off concerns a later (not precisely defined) point in time.…”