Unstable Individual Bids and Stable Market Demand

We explore preference stability at the individual and market level. We examine individual bidding behavior among 116 French consumers who participated in experimental auctions conducted seven months apart for five types of fish. We reject preference stability at the individual level, but not at the aggregate market level.aggregation, consumer preferences, demand, experimental auctions, food choice, Marketing, C91, D12, Q13,

Unstable Individual Bids and Stable Market Demand

Abstract: We explore preference stability at the individual and market level. We examine individual bidding behavior among 116 French consumers who participated in experimental auctions conducted seven months apart for five types of fish. We reject preference stability at the individual level, but not at the aggregate market level. JEL: C91, D12, Q1

Socio-Cultural and Economic Valuation of Ecosystem Services Provided by Mediterranean Mountain Agroecosystems

The aim of this work was to elucidate the socio-cultural and economic value of a number of ecosystem services delivered by mountain agroecosystems (mostly grazing systems) in Euro-Mediterranean regions. We combined deliberative (focus groups) and survey-based stated-preference methods (choice modelling) to, first, identify the perceptions of farmers and other citizens on the most important ecosystem services and, second, to value these in economic terms according to the willingness to pay of the local (residents of the study area) and general (region where the study area is located) populations. Cultural services (particularly the aesthetic and recreational values of the landscape), supporting services (biodiversity maintenance) and some regulating services (particularly fire risk prevention) were clearly recognized by both farmers and citizens, with different degrees of importance according to their particular interests and objectives. The prevention of forest fires

Developing country consumers’ acceptance of biofortified foods: a synthesis

The success of biofortified staple crops depends on whether they are accepted and consumed by target populations. In the past 8 years, several studies were undertaken to understand consumers’ acceptance of foods made with biofortified staple crops. Consumer acceptance is measured in terms of their sensory evaluation and economic valuation of biofortified varieties vis-à-vis conventional ones. These studies apply expert sensory panel and hedonic trait analyses methods adopted from food sciences literature, as well as various preference elicitation methods (including experimental auctions, revealed choice experiments, and stated choice experiments) adopted from experimental economics literature. These studies also test the impact of various levers on consumers’ evaluation and valuation for biofortified foods. These levers include (i) nutrition information and the media through which such information is conveyed; (ii) the length and content of nutrition information; (iii) different branding options; (iv) the nature (national or international) of the branding/certification agency that is endorsing the biofortified staple food; and (v) the nature (national or international) of the agency that is delivering the biofortified staple food. This paper brings together evidence on consumer acceptance of biofortified crops on 5 crops across 7 countries in Africa, Asia and Latin America. The results of these studies are expected to aid in the development of biofortified crops that consumers like, as well as in the development of appropriate marketing and consumer awareness or information campaigns to encourage the switch in consumption from traditional staples to biofortified ones

Percepção dos consumidores relativamente à carne de bovino: critérios de escolha a partir de grupos de discussão

Nas economias desenvolvidas, a segurança dos alimentos, o bem‑estar animal e o ambiente têm vindo a assumir relevância nas preocupações dos consumidores. Procurámos saber, através da metodologia dos grupos de discussão (focus groups) realizados em duas cidades de Portugal, Lisboa e Porto, as preocupações e perceções dos consumidores relativamente a estes atributos, os quais são essencialmente acreditados. Este conhecimento é fundamental para a aplicação posterior de métodos de preferências declaradas. Foi ainda possível obter, com base em exercícios de seleção entre carnes diferenciadas, e através de um modelo logit, intervalos de preços passíveis de serem utilizados posteriormente na definição de cenários em experiências de escolha (método de preferências declaradas) -----ABSTRACT-----In developed economies, food safety, animal welfare and the environment have become relevant consumers’ concerns. We conducted several focus groups in two Portuguese cities, Lisboa and Porto, in order to get participants perceptions and concerns for these attributes, which are essentially credence attributes. This knowledge is critical for the subsequent application of stated preference methods. It was also possible to estimate, based on exercises of selection among different meats, and through a logit model, price ranges that could be used in the definition of scenarios for choice experiments (stated preference method)info:eu-repo/semantics/publishedVersio

Unstable Individual Bids and Stable Market Demand

We explore preference stability at the individual and market level. We examine individual bidding behavior among 116 French consumers who participated in experimental auctions conducted seven months apart for five types of fish. We reject preference stability at the individual level, but not at the aggregate market level

Cognitive dissonance as a means of reducing hypothetical bias

Hypothetical bias is a persistent problem in stated preference studies. We propose and test a method for reducing hypothetical bias based on the cognitive dissonance literature in social psychology. A central element of this literature is that people prefer not to take inconsistent stands and will change their attitudes and behaviour to make them consistent. We find that participants in a stated preference willingness-to-pay study, when told that a nonhypothetical study of similar goods would follow, state significantly lower willingness to pay (WTP) than participants not so informed. In other words, participants adjust their stated WTP to avoid cognitive dissonance, that is, taking inconsistent stands on their WTP for the good being offered. Oxford University Press and Foundation for the European Review of Agricultural Economics 2010; all rights reserved. For permissions, please email [email protected], Oxford University Press.

Valuing product attributes in Vickrey auctions when market substitutes are available

This article investigates the weakly dominant strategy in Vickrey auctions when substitutes are available in the market. We find that it is optimal for the consumers to shade their bids so that they obtain at least the same surplus from the auction as they would from the market. For products that would be bought in the market, the optimal bid is the market price. For other products, the optimal bid is below the market price. Furthermore, the full bidding approach is an incentive-compatible method for eliciting consumers' valuations of product attributes if the products in the auction have the same field substitutes. Oxford University Press and Foundation for the European Review of Agricultural Economics 2009; all rights reserved. For permissions, please email [email protected], Oxford University Press.