3 research outputs found
A Non-Hypothetical and Incentive Compatible Method for Estimating Consumer Willingness-to-Pay for a Novel Functional Food: The Case of Pomegranates
A preference and valuation mechanism that compared results of an experimental auction and nonhypothetical preference rankings was developed and used to elicit preferences for pomegranate products from a representative sample of shoppers in Texas. Familiarity with pomegranate products increased willingness-to-pay (WTP) for pomegranates, as did tasting and providing additional information on the health benefits of the products. Ready-to-eat and juice products were preferred to whole fruit products. Subjects did not indicate an increased WTP for Texas varieties over California Wonderful pomegranate based on auction bids but indicated a preference for one Texas variety in the nonhypothetical ranking procedure; thus, the auction results and nonhypothetical preference ranking procedures were divergent. Further, there were interaction effects of the information treatments with the product characteristics.willingness-to-pay, pomegranate, experimental auction, ranking, health, novel product, Food Consumption/Nutrition/Food Safety, Marketing, D12, Q13,
A Non-Hypothetical and Incentive Compatible Method for Estimating Consumer Willingness-to-Pay for a Novel Functional Food: The Case of Pomegranates
A preference and valuation mechanism that compared results of an experimental auction and nonhypothetical preference rankings was developed and used to elicit preferences for pomegranate products from a representative sample of shoppers in Texas. Familiarity with pomegranate products increased willingness-to-pay (WTP) for pomegranates, as did tasting and providing additional information on the health benefits of the products. Ready-to-eat and juice products were preferred to whole fruit products. Subjects did not indicate an increased WTP for Texas varieties over California Wonderful pomegranate based on auction bids but indicated a preference for one Texas variety in the nonhypothetical ranking procedure; thus, the auction results and nonhypothetical preference ranking procedures were divergent. Further, there were interaction effects of the information treatments with the product characteristics
A Nonhypothetical Ranking and Auction Mechanism for Novel Products
Preferences for pomegranates, including some novel pomegranate varieties, were evaluated
using an experimental auction and nonhypothetical preference ranking mechanism. Additional
information on the taste and health benefits of the products was provided to mimic the
information-gathering process on novel products. Product familiarity, product information,
and reference prices were key factors in explaining willingness to pay for the included novel
products. Results from the auction and nonhypothetical preference ranking procedures were
divergent. Furthermore, interactions were detected between information treatments and
product characteristics