Abstract
Knowledge about individuals’ willingness to pay (WTP) plays a crucial role in many areas of economics like pricing new products, quantifying the demand for private and public goods and assessing the effect of introducing new policies. Numerous value-elicitations methods have been used to directly or indirectly measure individuals’ WTP (e.g. experimental auctions, discrete choice experiment). Surprisingly, very few studies assessed the comparability of WTP values obtained in these different methods. This talk will present and discuss the results from a study that assessed the comparability of consumers’ WTP obtained in five value elicitation methods: hypothetical choice experiment, non-hypothetical choice experiment, non-hypothetical rank-based conjoint analysis, non-hypothetical experimental auction and non-hypothetical choice experiment designed and executed like a choice experiment. The preliminary results showed that the WTP values obtained in experimental auction and choice- or rank-based conjoint analysis are significantly different even when the same experimental design is used.
| Original language | English |
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| Publication status | Print publication - 2017 |
| Event | Congress of the European Association of Agricultural Economists - Parma, Italy Duration: 29 Aug 2017 → 1 Sept 2017 |
Conference
| Conference | Congress of the European Association of Agricultural Economists |
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| Country/Territory | Italy |
| City | Parma |
| Period | 29/08/17 → 1/09/17 |