Discrete choice experiments with multiple price vectors for products sold in a wide price range
The discrete choice experiment is a widely used methodology in consumer studies. However, applying this method to investigate the market of products sold in a wide price range could present issues as to the quality of the estimate of preferences. In fact, for this type of product, frequently consume...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2019-01-01
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| Series: | MethodsX |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2215016119302018 |
| _version_ | 1811232192152469504 |
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| author | Caterina Contini Fabio Boncinelli Caterina Romano Gabriele Scozzafava Leonardo Casini |
| author_facet | Caterina Contini Fabio Boncinelli Caterina Romano Gabriele Scozzafava Leonardo Casini |
| author_sort | Caterina Contini |
| collection | DOAJ |
| description | The discrete choice experiment is a widely used methodology in consumer studies. However, applying this method to investigate the market of products sold in a wide price range could present issues as to the quality of the estimate of preferences. In fact, for this type of product, frequently consumers may have different behaviours when faced with different price levels. For example, some market segments may refrain from purchasing products below certain price thresholds, considering them of an unacceptable quality, while others choose only below certain prices. To work around this problem area, we propose a methodology in which each respondent declares his own price interval of reference and consequently participates in a choice experiment with a price vector coherent with his habits. In this manner, we are able to grasp and include in the estimations the heterogeneity of consumers with respect to price and thus obtain more accurate willingness to pay estimates. • The method describes a procedure to bypass issues related to identifying the price vector in discrete choice experiments that involve products sold in a wide price range. • We propose a discrete choice experiment with different price vectors for consumer segments with different price preferences. Method name: Discrete choice experiments with multiple price vectors, Keywords: Price preference heterogeneity, Wine, Experimental design, Willingness to pay, Quality cue |
| first_indexed | 2024-04-12T10:59:22Z |
| format | Article |
| id | doaj.art-bc9b0d493a4b4a42bfaa13bb737609af |
| institution | Directory Open Access Journal |
| issn | 2215-0161 |
| language | English |
| last_indexed | 2024-04-12T10:59:22Z |
| publishDate | 2019-01-01 |
| publisher | Elsevier |
| record_format | Article |
| series | MethodsX |
| spelling | doaj.art-bc9b0d493a4b4a42bfaa13bb737609af2022-12-22T03:36:01ZengElsevierMethodsX2215-01612019-01-01617741778Discrete choice experiments with multiple price vectors for products sold in a wide price rangeCaterina Contini0Fabio Boncinelli1Caterina Romano2Gabriele Scozzafava3Leonardo Casini4Corresponding author.; University of Florence, ItalyUniversity of Florence, ItalyUniversity of Florence, ItalyUniversity of Florence, ItalyUniversity of Florence, ItalyThe discrete choice experiment is a widely used methodology in consumer studies. However, applying this method to investigate the market of products sold in a wide price range could present issues as to the quality of the estimate of preferences. In fact, for this type of product, frequently consumers may have different behaviours when faced with different price levels. For example, some market segments may refrain from purchasing products below certain price thresholds, considering them of an unacceptable quality, while others choose only below certain prices. To work around this problem area, we propose a methodology in which each respondent declares his own price interval of reference and consequently participates in a choice experiment with a price vector coherent with his habits. In this manner, we are able to grasp and include in the estimations the heterogeneity of consumers with respect to price and thus obtain more accurate willingness to pay estimates. • The method describes a procedure to bypass issues related to identifying the price vector in discrete choice experiments that involve products sold in a wide price range. • We propose a discrete choice experiment with different price vectors for consumer segments with different price preferences. Method name: Discrete choice experiments with multiple price vectors, Keywords: Price preference heterogeneity, Wine, Experimental design, Willingness to pay, Quality cuehttp://www.sciencedirect.com/science/article/pii/S2215016119302018 |
| spellingShingle | Caterina Contini Fabio Boncinelli Caterina Romano Gabriele Scozzafava Leonardo Casini Discrete choice experiments with multiple price vectors for products sold in a wide price range MethodsX |
| title | Discrete choice experiments with multiple price vectors for products sold in a wide price range |
| title_full | Discrete choice experiments with multiple price vectors for products sold in a wide price range |
| title_fullStr | Discrete choice experiments with multiple price vectors for products sold in a wide price range |
| title_full_unstemmed | Discrete choice experiments with multiple price vectors for products sold in a wide price range |
| title_short | Discrete choice experiments with multiple price vectors for products sold in a wide price range |
| title_sort | discrete choice experiments with multiple price vectors for products sold in a wide price range |
| url | http://www.sciencedirect.com/science/article/pii/S2215016119302018 |
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