|
AgEcon Search >
International Food and Agribusiness Management Review >
Volume 10, Issue 2, 2007 >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/8186
|
| Title: | On the Use of Valuation Mechanisms to Measure Consumers' Willingness to Pay for Novel Products: A Comparison of Hypothetical and Non-Hypothetical Values |
| Authors: | Silva, Andres
Nayga, Rodolfo M., Jr.
Campbell, Benjamin L.
Park, John L. |
| Keywords: | Conjoint analysis
willingness-to-pay
auction
hypothetical
non-hypothetical |
| Issue Date: | 2007 |
| Abstract: | Willingness to pay (WTP) estimates for novel products are needed to assess consumers' valuation of these products as well as for product adoption and optimal pricing strategies. Using experiments in a retail setting, we compare hypothetical and non-hypothetical WTP values between a Becker-DeGroot-Marshak (BDM) auction mechanism and conjoint analysis. Our results suggest that the auction WTP values are higher than conjoint analysis WTP values. Moreover, the hypothetical WTP values are higher than the non-hypothetical WTP values in both elicitation mechanisms. |
| URI: | http://purl.umn.edu/8186 |
| Institution/Association: | International Food and Agribusiness Management Review>Volume 10, Issue 02, 2007 |
| Total Pages: | 16 |
| Language: | English |
| From Page: | 165 |
| To Page: | 180 |
| Collections: | Volume 10, Issue 2, 2007
|
Files in This Item:
| File |
Size | Format |
|---|
| 20071022_Formatted_BP.pdf | 204Kb | PDF | View/Open |
|
Recommend this item
All items in AgEcon Search are protected by copyright.
|
