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Elicitation of willingness to pay for upgradeable products with calibrated auction-conjoint method

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  • V. Lobasenko
  • D. Llerena

Abstract

Understanding consumer preferences is a key element of new product development and sustainable consumption. Among sustainable products, we consider new products with upgradability properties. Upgradeability helps to prolong the lifespan of a product, satisfying changing consumer preferences and needs. This additional created value must be measured by willingness to pay premiums. This paper uses a method which valorizes each attribute of the product and analyzes the determinants of these premiums. A key advantage of the calibrated auction-conjoint method is the possibility of estimating numerous attributes with a large number of attribute levels. The results support the idea that consumers are willing to pay premiums for upgradeable, sustainable products, although these premiums are rather weak for some durable products in the study.

Suggested Citation

  • V. Lobasenko & D. Llerena, 2017. "Elicitation of willingness to pay for upgradeable products with calibrated auction-conjoint method," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 60(11), pages 2036-2055, November.
    • Handle: RePEc:taf:jenpmg:v:60:y:2017:i:11:p:2036-2055
    DOI: 10.1080/09640568.2016.1271776
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    Cited by:

    1. Piwońska Kalina & Urbańska Michalina & Pilarska Eliza & Miniszewski Maciej & Staniszewski Jakub & Kryszak Łukasz, 2021. "Managing sustainable consumption of durable goods – A systematic literature review," Management, Sciendo, vol. 25(2), pages 73-90, December.
    2. Lauren Chenarides & Carola Grebitus & Jayson L Lusk & Iryna Printezis, 2022. "A calibrated choice experiment method," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 49(5), pages 971-1004.

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