How Should Consumers’ Willingness to Pay be Measured? An Empirical Comparison of State-of-the-Art Approaches

By K. Miller, Reto Hofstetter, Harley Krohmer, Z. John Zhang. 2011

467 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Marketing, Tourism, Leisure and Hospitality Management

View Paper: https://www.semanticscholar.org/paper/4e7d107dd1ce259e087e67d4c7375a6a80ad396c

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Citations in the corpus

Revisiting Cheap Talk with New Evidence from a Field Experiment (2011, background): “Miller et al. (2011) also recently found that hypothetical open-ended approach can accurately forecast demand curves.”
Whatever the customer wants, the customer gets? Exploring the gap between consumer preferences and default electricity products in Germany (2013, background): “In their review of such more sophisticated approaches, Miller et al. (2011) caution, however, that while simple discrete choice experiments may lead to some hypothetical bias, this does not necessarily compromise their ability to provide valid guidance for real-life product design and pricing…”
Foundations of Stated Preference Elicitation: Consumer Behavior and Choice-based Conjoint Analysis (2019, background): “They recommend this scaling for stabilizing empirical measures of consumer welfare in discrete choice problems, see also Miller et al. (2011), Daly et al.”
Eliciting and Utilizing Willingness to Pay: Evidence from Field Trials in Northern Ghana (2020, unknown): “Where BDM has been compared to market demand it appears to generate accurate predictions (Miller et al., 2011), but evidence here is limited.”
The Role of the Beneficiary in Willingness to Pay for Socially Responsible Products: A Meta-Analysis (2014, methodology): “While each method of eliciting WTP may result in mall differences, an underlying characteristic of all of these pproaches is whether the method of elicitation is incentive ompatible (Miller et al. 2011). Incentive compatible meaurement approaches attempt to ensure that respondents have n incentive t”
Are Consumers Really Willing to Pay More for a Favorable Country Image? A Study of Country-of-Origin Effects on Willingness to Pay (2012, methodology): “Nevertheless, even though an open-ended question format generates a hypothetical bias when asking respondents directly for their WTP, such an approach still has the potential to forecast an accurate demand curve (Miller et al. 2011).”
What drives range preferences in electric vehicle users (2013, unknown): “For contexts where incentivealigned methods are not applicable, it has been shown that single-item, open-ended question formats can be as valid as choice-based conjoint analyses (Miller et al., 2011).”
Creating and capturing value from freemium business models: A demand-side perspective (2018, methodology): “To identify the effects of free-to-play and price menu variety on value creation and value capture, I conduct two studies, each with its own strengths and weaknesses (Miller et al., 2011).”
The potential of generative AI for personalized persuasion at scale (2024, background): “Previous research has found that self-reported WTP is both an interpretable outcome 66 and a reflection of people’s actual, in-market demand and pricing decisions 67 .”