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A Nonhypothetical Ranking and Auction Mechanism for Novel Products

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  • McAdams, Callie P.
  • Palma, Marco A.
  • Hall, Charles R.
  • Ishdorj, Ariun

Abstract

Preferences 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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File URL: http://purl.umn.edu/143658
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 45 (2013)
Issue (Month): 01 (February)
Pages:

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Handle: RePEc:ags:joaaec:143658

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: experimental auction; novel product; preference ranking; willingness to pay; Marketing; C91;

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