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Definition, Measurement and Determinants of the Consumer's Willingness to Pay: a Critical Synthesis and Directions for Further Research

Author

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  • Marine Le Gall-Ely

    () (ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - European University of Brittany - UBO - Université de Brest - Télécom Bretagne - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest)

Abstract

Differentiated prices, bundling, Web auctions : firms' pricing practices are evolving. When there is no market or for customised pricing, the willingness-to-pay concept seems to be interesting. This article aims at presenting a synthesis of the marketing research stream relative to willingness to pay. First, a definition of the concept is given and compared to other similar concepts, notably reference price and acceptable price. Then the methods of measurement are presented, compared to those used to measure elasticity and criticized. Furthermore, the research on external determinants of willingness to pay is commented. Finally, numerous directions for further research are proposed.

Suggested Citation

  • Marine Le Gall-Ely, 2009. "Definition, Measurement and Determinants of the Consumer's Willingness to Pay: a Critical Synthesis and Directions for Further Research," Post-Print hal-00522828, HAL.
  • Handle: RePEc:hal:journl:hal-00522828
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00522828
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    Cited by:

    1. Thomas M. Fojcik & Heike Proff, 2014. "Accelerating market diffusion of battery electric vehicles through alternative mobility concepts," International Journal of Automotive Technology and Management, Inderscience Enterprises Ltd, vol. 14(3/4), pages 347-368.
    2. Agossadou, A.J. & Fiamohe, R. & Tossou, H. & Kinkpe, T., 2018. "Agribusiness opportunities for youth in Nigeria: Farmers perceptions and willingness to pay for mechanized harvesting equipment," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277553, International Association of Agricultural Economists.
    3. Sebastian Lehmann, 2014. "Toward an Understanding of the BDM: Predictive Validity, Gambling Effects, and Risk Attitude," FEMM Working Papers 150001, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    4. repec:eee:enepol:v:122:y:2018:i:c:p:214-228 is not listed on IDEAS

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