A Nonhypothetical Ranking and Auction Mechanism for Novel Products
AbstractPreferences 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.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.
Volume (Year): 45 (2013)
Issue (Month): 01 (February)
experimental auction; novel product; preference ranking; willingness to pay; Marketing; C91;
Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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