The DOI matches its Crossref record; 43 of the 43 references it cites were found in a registry or an index.
How Should Consumers’ Willingness to Pay be Measured? An Empirical Comparison of State-of-the-Art Approaches
Abstract
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; choice-based 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.
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The potential of generative AI for personalized persuasion at scale
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“Previous research has found that self-reported WTP is both an interpretable outcome 66 and a reflection of people’s actual, in-market demand and pricing decisions 67 .”
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Metadata
- Authors
- Miller, K. M., Hofstetter, R., Krohmer, H., & Zhang, Z. J.
- Venue
- Journal of Marketing Research
- Publisher
- SAGE Publications
- Published
- 2011-02
- Volume
- 48
- Issue
- 1
- Pages
- 172-184
- ISSN
- 0022-2437 (ISSN-L)
- 1547-7193
- OpenAlex
- W2085485552
- Cited by
- 441
- References
- 43
- FWCI
- 66.82
- Type
- journal article
- Language
- en
- Open access
- closed
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