Assessing the Market Potential for Local Food Product: Evidence from a Non-Hypothetical Economic Experiment.

A random nth price experimental auction is used to elicit Spanish consumers' willingness to pay (WTP) a locally produced and high quality white bean "Mongeta Ganxet" (MG). we also investigated the effect providing consumers with additional information on the characteristics of the white bean on their WTP. Results indicate that the provision of information on organoleptic, nutritional and cooking characteristics of the MG as well as their tasting significantly increased consumers' WTP. Also, providing reference prices of substitute products (both conventional and alternative high quality white beans) positively affected the premium participants are willing to pay for the MG. Finally, the level of consumption, the degree of knowledge about the product and the participants' previous experience were found to significantly increase the consumers' WTP for the MG.