Unstable Individual Preferences and Stable Aggregate Demand: French Consumers’ Willingness to Pay for Farmed and Wild Cod
AbstractWe use panel data from two experiments conducted five months a part to investigate the stability of individual preferences and aggregate demand for five types of fish. Even though the bids in the two experiments are positively correlated, they clearly suggest that the individual preferences are unstable. This may be explained by internal desire for variety or by external effects such as new relevant information, seasonality in preferences, changes in the quality of the fish, and changes in the market price of fish. However, the aggregate demand curves of the participants are stable when we control for changes in the perceived quality of the fish and price expectations of the participants. In other words, the stability is generated by aggregation rather than derived from stable individual preferences.
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Bibliographic InfoPaper provided by International Association of Agricultural Economists in its series 2009 Conference, August 16-22, 2009, Beijing, China with number 49968.
Date of creation: 2009
Date of revision:
aggregation; consumer preferences; demand; experimental markets; food choices; Consumer/Household Economics; Demand and Price Analysis; C91; D12; Q13;
Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
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