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

摘要: Abstract This study compares the performance of four commonly used approaches to measure consumers' willingness pay with real purchase data (REAL): open-ended (OE) question format; choice-based conjoint (CBC) analysis; Becker, DeGroot, and Marschak's (BDM) incentive-compatible mechanism; incentive-aligned (ICBC) analysis. With this five-in-one approach, authors test relative strengths measurement methods, using REAL as benchmark, on basis statistical criteria decision-relevant metrics. The results indicate that BDM ICBC can pass decision-oriented tests. find respondents are more price sensitive in settings than non-incentive-aligned setting. Furthermore, they a large number “none” choices under hypothetical uncovers an intriguing possibility: Even when OE format CBC analysis generate ...