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Valuation of New Products in Attribute Space

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  • Geoffrey M. Pofahl
  • Timothy J. Richards

Abstract

We contribute to the literature on new product valuation by presenting a model of new product introduction based on the distance metric (DM) approach of Pinkse, Slade, and Brett (2002) . Models based on the DM approach are capable of dealing with highly differentiated food categories that are often responsible for the lion’s share of new product activity. Furthermore, since new products are typically characterized by differences in observable attributes, the DM approach is appropriate in that it directly accounts for such differences. Our findings reveal that consumers benefit from new products even when the number of alternatives is already high. Copyright 2007, Oxford University Press.

Suggested Citation

  • Geoffrey M. Pofahl & Timothy J. Richards, 2007. "Valuation of New Products in Attribute Space," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(2), pages 402-415.
    • Handle: RePEc:oup:ajagec:v:91:y:2007:i:2:p:402-415
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2008.01191.x
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    Cited by:

    1. Sckokai, Paolo & Varacca, Alessandro, 2012. "Product Differentiation and Brand Competition in the Italian Breakfast Cereal Market: a Distance Metric Approach," Bio-based and Applied Economics Journal, Italian Association of Agricultural and Applied Economics (AIEAA), vol. 1(3), pages 1-16, December.
    2. Pofahl, Geoffrey M. & Richards, Timothy J. & Tonsor, Glynn T., 2009. "Valuation of New Products in the Face of Consumer Income Disparity," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49571, Agricultural and Applied Economics Association.
    3. Ying, Xiongwei & Anders, Sven M., 2013. "Competition between Private Label and National Brand for Health-differentiated Food Product: A Canadian Retailing Case," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151280, Agricultural and Applied Economics Association.
    4. Arnade, Carlos Anthony & Gopinath, Munisamy & Pick, Daniel H., 2011. "How Much Do Consumers Benefit from New Brand Introductions? The Case of Potato Chips," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(1), pages 1-17, April.

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