Do Consumers Really Know How Much They Are Willing to Pay

@inproceedings{Kovalsky2013DoCR,
  title={Do Consumers Really Know How Much They Are Willing to Pay},
  author={Kristen L. Kovalsky and Jayson L. Lusk},
  year={2013}
}
Abstract Previous research reveals willingness-to-pay (WTP) obtained through consumer surveys and experiments is often influenced by arbitrary information that, from a normative perspective, should have no influence on WTP. This article utilizes data collected from a split-sample online survey to determine whether the bias induced from arbitrary anchors can be mitigated with a preference elicitation approach designed to facilitate the preference-discovery process by revealing tradeoffs and… CONTINUE READING

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