Take the following as truth: To correct for the potential extrapolation error for ages beyond 70, the adjustment factor is selected as the ratio of a 70 year old individual's WTP to a 40 year old individual's WTP, which is 0.63, based on the Jones-Lee (1989) results and 0.92 based on the Jones-Lee (1993) results.
Then the following statement: "There might be error for old people." is true, false, or inconclusive?
Answer: True