Market Segmentation Within Contingent Valuation
A finite probability mixture model is combined with a contingent valuation model to analyze the existence of differential market segments in a hypothetical market. The approach has at least two principle benefits. First, the model is capable of identifying market segments within the hypothetical market. Second, the model can be used to estimate WTP/WTA within each segment. The model is illustrated using a data set collected on consumer response to genetically modified foods in Norway.
|Date of creation:||2003|
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- Peter Boxall & Wiktor Adamowicz, 2002. "Understanding Heterogeneous Preferences in Random Utility Models: A Latent Class Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 23(4), pages 421-446, December.
- Loureiro, Maria L. & McCluskey, Jill J. & Mittelhammer, Ronald C., 2001. "Assessing Consumer Preferences For Organic, Eco-Labeled, And Regular Apples," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(02), pages -, December.
- McCluskey, Jill J. & Grimsrud, Kristine M. & Ouchi, Hiromi & Wahl, Thomas I., 2003. "Consumer Response to Genetically Modified Food Products in Japan," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(2), pages -, October.
- Baker, Gregory A. & Burnham, Thomas A., 2001. "Consumer Response To Genetically Modified Foods: Market Segment Analysis And Implications For Producers And Policy Makers," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(02), pages -, December.
- Grimsrud, Kristine M. & McCluskey, Jill J. & Loureiro, Maria L. & Wahl, Thomas I., 2002. "Consumer Attitudes Towards Genetically Modified Foods In Norway," 2002 Annual meeting, July 28-31, Long Beach, CA 19818, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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