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| Author: | Backhaus, K. (et al.) |
| Title: | An empirical comparison of methods to measure willingness to pay by examining the hypothetical bias |
| Journal: | International Journal of Market Research
2005 : VOL. 47:5, p. 543-562 |
| Index terms: | contingent valuation conjoint analysis measurement |
| Freeterms: | willingness to pay |
| Language: | eng |
| Abstract: | Several methods have been proposed to measure willingness to pay (WTP) in previous research. Still, there is only little knowledge about their reliability. This study empirically tests the appropriateness of two methods - open-ended contingent valuation (CV) and limit conjoint analysis (LCA) - for measuring willingness to pay, by examining their hypothetical bias. Comparing the two, LCA was performing better than CV, yielding non-significant differences in different purchase situations. |
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