Essays On Willingness To Pay Preferences And Experimental Auctions
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Essays On Willingness To Pay Preferences And Experimental Auctions
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Author : Na He
language : en
Publisher:
Release Date : 2011
Essays On Willingness To Pay Preferences And Experimental Auctions written by Na He and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Auctions categories.
This dissertation firstly employed sealed-bid fifth price auctions to examine demand and the WTP premium difference between organic, non-GM, and conventional versions for two pairs of fresh and processed food products. Results showed that processed foods had greater substitutability than fresh products for all three versions. Conventional versions were the least price sensitive while non-GM versions were the most sensitive. Fresh foods did not necessarily bring higher premiums for organic and non-GM than corresponding processed products. The advantage of using experimental auctions is that they create an environment where people have an incentive to truthfully reveal their preferences. However, this is not to say that people cannot misrepresent their preferences or be influenced by other factors. The second part of the dissertation investigated the consistency between WTP and preference in experimental auctions. It was found that inconsistency, which was that subjects bid higher (lower) for less (more) preferred products, occurred most often in pair of products which had significantly different expected market prices. The reasons suggested in this study were that bids were influenced by expected market prices, familiarity and desirability. The third part was to discuss whether consumer WTP for a good would differ if it was auctioned with an inferior substitute compared to being auctioned with a superior substitute, and whether consumer WTP for a good would change when the number of versions in the offered set changed. It was found that the mean WTP for a good was significantly higher when paired with an inferior substitute than paired with a superior substitute. Moreover, the mean WTP of a good being auctioned with several superior substitutes was significantly different with that being auctioned with a single superior substitute. Increasing the size of auction sets would lower the mean WTP for a good. However, individual WTP rank for products was stable; the superior option was consistently bid more highly than the inferior option if they were offered simultaneously.
Three Essays On Consumer Preferences And Behavior Analysis
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Author : Jing Xie
language : en
Publisher:
Release Date : 2014
Three Essays On Consumer Preferences And Behavior Analysis written by Jing Xie and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Intention is another reason why respondents behave differently in different non-hypothetical experiments. Since we have found significant estimated gaps between real choice experiments and experimental auction, the third essay only focuses on these two experiments. When including respondents purchase intention in the analysis, the results show that purchase intention had different effects on consumers behavior in experimental auctions and real choice experiments. One novel good and two non-novel goods were used in the experiments. Results show that respondents purchase intention only affect respondents choice on non-novel goods in the experimental auctions, but purchase intention only affect respondents choice on novel good in the choice experiments. In conclusion, besides price bargaining preferences, purchase intention is also an important factor that researchers should consider when conducting experiments to evaluation consumers willingness-to-pay.
Three Essays On Economic Valuation Of Consumer Preferences On Genetically Modified Foods
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Author : Naoya Kaneko
language : en
Publisher:
Release Date : 2005
Three Essays On Economic Valuation Of Consumer Preferences On Genetically Modified Foods written by Naoya Kaneko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Consumers' preferences categories.
Abstract: This study conducts a multi-country survey on consumer acceptance of genetically modified (GM) foods in the United States and Taiwan and an experimental auction in Japan to estimate consumers' willingness to pay a premium for non-GM foods and/or their willingness to accept a discount on GM foods. The first essay reports results from a U.S. national telephone survey. The survey questionnaire involves stated preference (SP) questions of vegetable oil, cornflakes, and salmon. American consumers are generally accepting of GM foods. Among the determinants of choice, subjective variables such as perception of benefits and risks and level of knowledge are important. The estimated mean non-GM premiums are, respectively, 44.5%, 35.7%, 38.1%, and 56.9% of the base price to avoid GM vegetable oil, GM cornflakes, GM-fed salmon, and GM salmon. The SP question takes account of indifferent respondents. The second essay is based on the Taiwanese telephone survey. Taiwanese consumers indicate positive attitudes toward GM foods as compared to American consumers. The mean non-GM premium and the mean GM discount are estimated, and the equality between the two mean values is tested. We find no evidence against the equality, which indicates that Taiwanese consumers consider non-GM and GM foods to be substitutable. We also examine the effect of initial non-GM/GM choice on the propensity to switch alternatives given the price increase or discount. We find that the willingness to switch is different between the non-GM and GM choosers because the two groups have different choice criteria. The third essay studies Japanese consumers' willingness to pay a premium for non-GM foods based on the experimental auctions. We find that Japanese consumers are not too opposed to GM foods, and the estimated GM discounts are 37% for canola oil and 44% for natto (a soy product), which indicates that Japanese consumers are willing to accept GM foods if they are sufficiently discounted. We test the equality between the mean willingness to accept from the experiment and that from a stated preference question but find no evidence against the equality to conclude that hypothetical bias does not always exist.
Essays On Consumer Preferences For Foods
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Author : Lilian Carrillo-Rodriguez
language : en
Publisher:
Release Date : 2013
Essays On Consumer Preferences For Foods written by Lilian Carrillo-Rodriguez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The third study analyzes consumers' rankings and ratings for apple quality traits based on the same survey utilized in the second study. Consumers ranked apple quality traits on a scale from 1 to 9, where 1 is the least important and 9 is the most important. Additionally, consumers rated the importance of quality traits on a scale from 1 to 7, where 1 extremely unimportant and 7 is extremely important. We estimate two ordered probit models and find that consumers give more importance to flavor, crispness, external appearance, firmness, juiciness and internal appearance compared to phytonutrient content.
Essays In The Measurement Of Consumer Preferences In Experimental Auction Markets
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Author : John Andrew Fox
language : en
Publisher:
Release Date : 1994
Essays In The Measurement Of Consumer Preferences In Experimental Auction Markets written by John Andrew Fox and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Consumers' preferences categories.
Three Essays On The Elicitation Of Willingness To Pay
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Author : Lijia Shi
language : en
Publisher:
Release Date : 2012
Three Essays On The Elicitation Of Willingness To Pay written by Lijia Shi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The impactof consumers' purchase intention on their bidding behavior is investigated. Additionally, the auction was conducted at multiple types of stores to capturea more representative sample of consumers.
Essays On Time Preference And Combinatorial Auctions
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Author : Kan Takeuchi
language : en
Publisher:
Release Date : 2007
Essays On Time Preference And Combinatorial Auctions written by Kan Takeuchi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Essays On The Behavior Of Commodity Prices And Economic Experimental Design
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Author : Yingzi Li
language : en
Publisher:
Release Date : 2014
Essays On The Behavior Of Commodity Prices And Economic Experimental Design written by Yingzi Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The third study investigates the effect of the revelation of posted bids in second-price experimental auctions for apple quality attributes under an experimental design where information is added progressively across rounds. We find that the revelation of posted bids does not bias the following bids and that having increased information on the apple increases the accuracy of participants' following bids. Therefore, the final round bids are used to elicit consumers' willingness to pay for the apple attributes of interest in this study. Consumers are found to prefer large, firm, sweet, crisp apples with fewer defects.
The Effect Of Different Options On Willingness To Pay And Decision Making Time
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Author : Audrey Peo
language : en
Publisher:
Release Date : 2016
The Effect Of Different Options On Willingness To Pay And Decision Making Time written by Audrey Peo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Vickrey auctions are commonly used to capture the true willingness to pay (WTP) of participants in experimental settings. However, to what extent does the experimental design of these auctions, as well as changes in modeling specification, impact the results? This study uses results from Vickrey auctions to determine the impact on WTP when the choices offered to participants change, both in terms of quality and number of options. This study also examines the impact of increasing the amount of options offered on decision making time. If the impact is significant, it could indicate participants are altering their decision making processes. Finally, this study tests if including independent variables related to Theory of Planned Behavior (TPB) improves the predictive power of Tobit models regressing WTP for local and organic food products. Auction experiment sessions took place in Delaware with a sample size of 128 participants from the general population. A fourth-price Vickrey auction was used to collect bids on a number of food products, specifically focusing on steak, chicken, eggs, and ice cream. For steak and chicken, the quality of the options presented to participants was varied while, for the eggs and ice cream, the number of options presented was varied. Bid data was analyzed using Wilcoxon signed rank tests and Tobit model regressions. While results varied, they offer evidence that auction bids can be influenced by the mix of products presented. The overall decision making time increased when the number of options increased. However the change in decision making time per option offered was not significant. Finally, results show that including independent variables related to Theory of Planned Behavior (TPB) improves the predictive power of Tobit models regressing WTP for local and organic food products.
Exotic Preferences
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Author : George Loewenstein
language : en
Publisher: Oxford University Press
Release Date : 2007-08-02
Exotic Preferences written by George Loewenstein and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08-02 with Business & Economics categories.
An analysis of how individual preferences are formed, whether they can be predicted and the extent to which they are influenced by emotion rather than reason.