How Should Consumers’ Willingness to Pay Be Measured? An Empirical Comparison of State-of-the-Art Approaches
Data(s) |
2011
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Resumo |
This study compares the performance of four commonly used approaches to measure consumers’ willingness to pay with real purchase data (REAL): the open-ended (OE) question format; choicebased conjoint (CBC) analysis; Becker, DeGroot, and Marschak’s (BDM) incentive-compatible mechanism; and incentive-aligned choice-based conjoint (ICBC) analysis. With this five-in-one approach, the authors test the relative strengths of the four measurement methods, using REAL as the benchmark, on the basis of statistical criteria and decision-relevant metrics. The results indicate that the BDM and ICBC approaches can pass statistical and decision-oriented tests. The authors find that respondents are more price sensitive in incentive-aligned settings than in non-incentive-aligned settings and the REAL setting. Furthermore, they find a large number of “none” choices under ICBC than under hypothetical conjoint analysis. This study uncovers an intriguing possibility: Even when the OE format and CBC analysis generate hypothetical bias, they may still lead to the right demand curves and right pricing decisions. |
Formato |
application/pdf |
Identificador |
http://boris.unibe.ch/68450/1/Miller%2C%20Hofstetter%2C%20Krohmer%2C%20Zhang%20%282011%29.pdf Krohmer, Harley; Zhang, Z. John; Hofstetter, Reto; Miller, Klaus (2011). How Should Consumers’ Willingness to Pay Be Measured? An Empirical Comparison of State-of-the-Art Approaches. Journal of Marketing Research, 48(1), pp. 172-184. American Marketing Association http://dx.doi.org/10.1509/jmkr.48.1.172 <http://dx.doi.org/http://dx.doi.org/10.1509/jmkr.48.1.172> doi:10.7892/boris.68450 info:doi:http://dx.doi.org/10.1509/jmkr.48.1.172 urn:issn:0022-2437 |
Idioma(s) |
eng |
Publicador |
American Marketing Association |
Relação |
http://boris.unibe.ch/68450/ |
Direitos |
info:eu-repo/semantics/restrictedAccess |
Fonte |
Krohmer, Harley; Zhang, Z. John; Hofstetter, Reto; Miller, Klaus (2011). How Should Consumers’ Willingness to Pay Be Measured? An Empirical Comparison of State-of-the-Art Approaches. Journal of Marketing Research, 48(1), pp. 172-184. American Marketing Association http://dx.doi.org/10.1509/jmkr.48.1.172 <http://dx.doi.org/http://dx.doi.org/10.1509/jmkr.48.1.172> |
Palavras-Chave | #650 Management & public relations |
Tipo |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion PeerReviewed |