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Taste and Quality Perception of Attributes in Product Differentiation: An Econometric Model with Latent Variables

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Author Info

  • Sandrine Costa

    ()
    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

  • Serge Garcia

    ()
    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

  • Lisette Ibanez

    ()
    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

Abstract

We study the consumers' preferences for the various attributes of a product. We consider that the consumers'choices are not guided by observed characteristics of a product, but by the quality perception consumers have on these attributes. Our model integrates this issue by means of latent variables, and is interested in the influence of the information received by the consumer on this perception. It also includes consumers' attitudes by supposing that the weight consumers put on attributes describes their tastes. An econometric application on material choices (wood vs. PVC) in the French window market valid these assumptions.

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Bibliographic Info

Paper provided by Laboratoire d'Economie Forestiere, AgroParisTech-INRA in its series Working Papers - Cahiers du LEF with number 2006-01.

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Length: 26 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:lef:wpaper:2007-01

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Related research

Keywords: quality perception; information; taste; latent variable model; wood;

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References

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  1. Vredin Johansson, Maria & Heldt, Tobias & Johansson, Per, 2006. "The effects of attitudes and personality traits on mode choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 40(6), pages 507-525, July.
  2. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Mussa, Michael & Rosen, Sherwin, 1978. "Monopoly and product quality," Journal of Economic Theory, Elsevier, vol. 18(2), pages 301-317, August.
  5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
  6. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug..
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