Comparing methods for measuring consumer willingness to pay: A cognitive perspective

Klaus G. Grunert; Charlotte Øland Madsen; Hans Jørn Juhl; Tino Bech-Larsen; Karen Brunsø; Birger Boutrup Jensen

Comparing methods for measuring consumer willingness to pay: A cognitive perspective

Klaus G. Grunert, Charlotte Øland Madsen, Hans Jørn Juhl, Tino Bech-Larsen, Karen Brunsø, Birger Boutrup Jensen

Research output: Contribution to conference › Paper › Research › peer-review

Abstract

Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price information processing, Ss reference price, price involvement, and WTP thought style were also measured. Results showed significant main effects for WTP measurement method and for Ss price information characteristics on measured willingness to pay for the main product, and a method x thought style interaction that approached significance. However, when looking at marginal willingness to pay for the product improvement, the estimates for consistent across methods and price information processing characteristics.

Original language	English
Publication date	2005
Publication status	Published - 2005
Event	Annual Conference of the European Marketing Academy - Milan, Italy Duration: 24 May 2005 → 27 May 2005

Conference

Conference	Annual Conference of the European Marketing Academy
City	Milan, Italy
Period	24/05/2005 → 27/05/2005

Keywords

MAPP
Willingness to pay
Contingent valuation
Experimental auction
Consumer price information processing
Product development

Cite this

@conference{9be7a170044711dc9ade000ea68e967b,

title = "Comparing methods for measuring consumer willingness to pay: A cognitive perspective",

abstract = "Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price information processing, Ss reference price, price involvement, and WTP thought style were also measured. Results showed significant main effects for WTP measurement method and for Ss price information characteristics on measured willingness to pay for the main product, and a method x thought style interaction that approached significance. However, when looking at marginal willingness to pay for the product improvement, the estimates for consistent across methods and price information processing characteristics.",

keywords = "MAPP, Betalingsvillighed, Produktudvikling, MAPP, Willingness to pay, Contingent valuation, Experimental auction, Consumer price information processing, Product development",

author = "Grunert, {Klaus G.} and Madsen, {Charlotte {\O}land} and Juhl, {Hans J{\o}rn} and Tino Bech-Larsen and Karen Bruns{\o} and Jensen, {Birger Boutrup}",

year = "2005",

language = "English",

note = "Annual Conference of the European Marketing Academy ; Conference date: 24-05-2005 Through 27-05-2005",

}

TY - CONF

T1 - Comparing methods for measuring consumer willingness to pay: A cognitive perspective

AU - Grunert, Klaus G.

AU - Madsen, Charlotte Øland

AU - Juhl, Hans Jørn

AU - Bech-Larsen, Tino

AU - Brunsø, Karen

AU - Jensen, Birger Boutrup

PY - 2005

Y1 - 2005

N2 - Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price information processing, Ss reference price, price involvement, and WTP thought style were also measured. Results showed significant main effects for WTP measurement method and for Ss price information characteristics on measured willingness to pay for the main product, and a method x thought style interaction that approached significance. However, when looking at marginal willingness to pay for the product improvement, the estimates for consistent across methods and price information processing characteristics.

AB - Willingness to pay for a basic chilled soup product and for an improved, self-heating version was measured for 100 Ss who were randomly assigned to conditions: a contingent valuation scheme, and an experimental auction scheme. Drawing on constructs derived from research in consumer price information processing, Ss reference price, price involvement, and WTP thought style were also measured. Results showed significant main effects for WTP measurement method and for Ss price information characteristics on measured willingness to pay for the main product, and a method x thought style interaction that approached significance. However, when looking at marginal willingness to pay for the product improvement, the estimates for consistent across methods and price information processing characteristics.

KW - MAPP

KW - Betalingsvillighed

KW - Produktudvikling

KW - MAPP

KW - Willingness to pay

KW - Contingent valuation

KW - Experimental auction

KW - Consumer price information processing

KW - Product development

M3 - Paper

T2 - Annual Conference of the European Marketing Academy

Y2 - 24 May 2005 through 27 May 2005

ER -

Comparing methods for measuring consumer willingness to pay: A cognitive perspective

Abstract

Conference

Keywords

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Cite this