Willingness to Pay
9 important questions on Willingness to Pay
What is "willing to pay"?
- interested in WTP, increase food safety makes products more expensive
What are different methods to assess WTP?
- Real market experiment
- Contingent valuation, just ask
- Experimental auctions
- Choice experiments
What are characteristics of Real market experiment for WTP?
- Go to real market
- But consumer may remember previous prices or attributes and act accordingly
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What are characteristics of contingent valuation for WTP?
- Hypothetical product (Describe well)
- For environmental price, price of nature
- Critical aspects
- Framing - extremely important
- Timing
- Point of reference
- Knowledge about respondent
- Interpretation and extrapolation
What are the elements of WTP framing?
- Product
- Open-endend or closed
- WTP or WTB
- Percentage or absolute value
- Extra price or total price
- Make a plausible and understandable claim
- Try to trigger budget limitations
WTP interpretation for Researcher?
- Response rate
- Representativeness of sample -> generalisation
- Segmentation
What is general criticism of WTP?
- Interpretation not easy (framing, segmentation)
- Overestimation (citizen options, wishful thinking)
- Not realistic , reflecting real behaviour
What are characteristics of Experimental actions for WTP?
- Improved way to find WTP
- Sometimes us real money to be spend by respondents
- Other aspects more or lees equal to contingent valuation
What the conclusion of WTP?
- WTP is a useful method, price a product before and after food crises
- Value depends on
- Framing
- Timing
- Reference price & product
- Interpretability & representativness
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