An empirical comparison of methods for measuring consumers’ willingness to pay

By Franziska Voelckner. 2006

297 citations recorded by the source corpus.

Subfields: Economics and Econometrics, General Decision Sciences, Marketing

View Paper: https://www.semanticscholar.org/paper/9c0e610d81c809c04c6fd1bb3e5c801037563ef8

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Citations in the corpus

Are Consumers Really Willing to Pay More for a Favorable Country Image? A Study of Country-of-Origin Effects on Willingness to Pay (2012, background): “If there is no purchase obligation, WTP estimates exceed the actual WTP (Völckner 2006); thus, consumers’ WTP is significantly higher in a hypothetical purchase situation than in a real one (Neill et al. 1994).”
Do pictures help? The effects of pictures and food names on menu evaluations (2017, background): “Willingness to pay reflects the amount that individuals would pay for a product (Voelckner, 2006).”
Consumer social responses to CSR initiatives versus corporate abilities (2013, methodology): “This research attempts to obtain a trade-off measure of preference between CSR and CA factors using WTP, despite the measure being hypothetical (Voelckner, 2006).”
Definition, Measurement and Determinants of the Consumer's Willingness to Pay: A Critical Synthesis and Avenues for Further Research (2009, methodology): “Völckner (2006) demonstrated that the setting (hypothetical/real) influences WTP obtained using four different methods (first-price and Vickrey auctions, contingent valuation and conjoint analysis).”
Product uniqueness as a driver of customer utility in mass customization (2008, background): “…WTP or reservation price denotes the maximum amount of money one is willing to pay for a given product and therefore constitutes a hard proxy for measuring the utility consumers (expect to) derive from that product (e.g., Homburg, Koschate, and Hoyer 2005, Kalish and Nelson 1991, Voelckner 2006).”
The Motivating-Uncertainty Effect: Uncertainty Increases Resource Investment in the Process of Reward Pursuit (2015, unknown): “1), although a main effect for elicitation method did arise (F(1, 46) p 12.97, p p .001), indicating that advance statements were higher than actual bids (consistent with findings on inflation of stated WTP; Voelckner 2006; Wertenbroch and Skiera 2002).”
A REVIEW OF METHODS FOR MEASURING WILLINGNESS-TO-PAY (2017, unknown): “Depending on the setup, the participants are more or less aware that they are participating in an experiment which might result in biased estimates and loss of external validity (cf. Völckner, 2006).”
The impact of brand extension success drivers on brand extension price premiums (2010, unknown): “A longstanding criticism of such measures is that directly stated willingness to pay is a poor representation of consumers’ actual willingness to pay (Völckner, 2006).”
From the crowd to the market: The role of reward-based crowdfunding performance in attracting professional investors (2017, background): “…i.e., methods inducing individuals to elicit their preferences via real purchases and payments, yield more reliable estimates about their real preferences and willingness to pay than methods unveiling hypothetical preferences (Neill et al., 1994; Wertenbroch and Skiera, 2002; Voelckner, 2006).”
Advance Selling by a Newsvendor Retailer (2009, unknown): “In practice, information about consumer valuation can be obtained in several ways (Voelckner 2006).”