An Empirical Comparison of Methods for Measuring Consumers' Willingness to Pay
A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products. Understanding potential sources of differences in WTP estimates that emerge from value elicitation studies constitutes an important ste...
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| Published in | Marketing letters Vol. 17; no. 2; pp. 137 - 149 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer
01.04.2006
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0923-0645 1573-059X |
| DOI | 10.1007/s11002-006-5147-x |
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| Abstract | A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products. Understanding potential sources of differences in WTP estimates that emerge from value elicitation studies constitutes an important step in research on how managers should estimate consumers' WTP. This research presents an empirical analysis of two potential sources of differences and discusses possible means of mitigating them. We find substantial and significant differences between the WTP reported by subjects when payment of the stated price is real or hypothetical. Notwithstanding the dichotomy between real and hypothetical WTP, we find significant differences among the WTP estimates of a broad range of value elicitation methods. |
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| AbstractList | A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products. Understanding potential sources of differences in WTP estimates that emerge from value elicitation studies constitutes an important step in research on how managers should estimate consumers' WTP. This research presents an empirical analysis of two potential sources of differences and discusses possible means of mitigating them. We find substantial and significant differences between the WTP reported by subjects when payment of the stated price is real or hypothetical. Notwithstanding the dichotomy between real and hypothetical WTP, we find significant differences among the WTP estimates of a broad range of value elicitation methods. [PUBLICATION ABSTRACT] A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products. Understanding potential sources of differences in WTP estimates that emerge from value elicitation studies constitutes an important step in research on how managers should estimate consumers' WTP. This research presents an empirical analysis of two potential sources of differences and discusses possible means of mitigating them. We find substantial and significant differences between the WTP reported by subjects when payment of the stated price is real or hypothetical. Notwithstanding the dichotomy between real and hypothetical WTP, we find significant differences among the WTP estimates of a broad range of value elicitation methods. A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products. Understanding potential sources of differences in WTP estimates that emerge from value elicitation studies constitutes an important step in research on how managers should estimate consumers' WTP. This research presents an empirical analysis of two potential sources of differences and discusses possible means of mitigating them. We find substantial and significant differences between the WTP reported by subjects when payment of the stated price is real or hypothetical. Notwithstanding the dichotomy between real and hypothetical WTP, we find significant differences among the WTP estimates of a broad range of value elicitation methods. Reprinted by permission of Springer |
| Author | Voelckner, Franziska |
| Author_xml | – sequence: 1 givenname: Franziska surname: Voelckner fullname: Voelckner, Franziska |
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| Copyright | Springer Science + Business Media, Inc. 2006 |
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| Snippet | A valid procedure for measuring consumers' willingness to pay (WTP) is crucial in designing optimal pricing policies or for estimating demand for new products.... |
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| SubjectTerms | Analytical estimating Auctions Bidding Bids Brands Conjoint analysis Consumer behavior Consumer research Consumers Decision making Demand analysis Demand functions Doughnuts Economic methodology Economic value Elicitation Estimates Estimation methods Measurement techniques Optimal pricing Payments Pricing Pricing policies Reservation prices Studies Valuation Value Welfare economics Welfare measurement Willingness to pay |
| Title | An Empirical Comparison of Methods for Measuring Consumers' Willingness to Pay |
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