The Reference Price Effect on Willingness-to-Pay Estimates: Evidence from Eco-labeled Food Products
Author
Abstract
Suggested Citation
DOI: 10.22004/ag.econ.304573
Download full text from publisher
References listed on IDEAS
- Zhifeng Gao & Lisa A. House & Jing Xie, 2016.
"Online Survey Data Quality and Its Implication for Willingness-to-Pay: A Cross-Country Comparison,"
Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 64(2), pages 199-221, June.
- Gao, Zhifeng & House, Lisa & Jing, Xie, 2013. "Online Survey Data Quality and its Implication for Willingness-to-Pay: A Cross-Country Comparison," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150777, Agricultural and Applied Economics Association.
- Shi, Lijia & Gao, Zhifeng & Chen, Xuqi, 2014.
"The cross-price effect on willingness-to-pay estimates in open-ended contingent valuation,"
Food Policy, Elsevier, vol. 46(C), pages 13-21.
- Shi, Lijia & Chen, Xuqi & Gao, Zhifeng, 2013. "The Cross-Price Effect on Willingness-to-pay Estimates in Open-ended Contingent Valuation," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150774, Agricultural and Applied Economics Association.
- Mayhew, Glenn E & Winer, Russell S, 1992. "An Empirical Analysis of Internal and External Reference Prices Using Scanner Data," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 19(1), pages 62-70, June.
- Grebitus, Carola & Davis, George C., 2017. "Change is good!? Analyzing the relationship between attention and nutrition facts panel modifications," Food Policy, Elsevier, vol. 73(C), pages 119-130.
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Heng, Yan & Hanawa Peterson, Hikaru & Li, Xianghong, 2013. "Consumer Attitudes toward Farm-Animal Welfare: The Case of Laying Hens," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(3), pages 1-17.
- Francisco Rosas & Santiago Acerenza & Peter F. Orazem, 2020.
"Optimal pricing strategies for a cluster of goods: own- and cross-price effects with correlated tastes,"
Applied Economics, Taylor & Francis Journals, vol. 52(7), pages 742-755, February.
- Rosas, Francisco & Acerenza, Santiago & Orazem, Peter, 2016. "Optimal pricing strategies for a cluster of goods: Own- and cross-price effects with correlated tastes," ISU General Staff Papers 201611300800001008, Iowa State University, Department of Economics.
- Francisco Rosas & Santiago Acerenza & Peter Orazem, 2019. "Optimal pricing strategies for a cluster of goods: own- and cross-price effects with correlated tastes," Documentos de Investigación 119, Universidad ORT Uruguay. Facultad de Administración y Ciencias Sociales.
- Rosas, Francisco & Acerenza, Santiago & Orazem, Peter F., 2020. "Optimal pricing strategies for a cluster of goods: own- and cross-price effects with correlated tastes," ISU General Staff Papers 202001010800001008, Iowa State University, Department of Economics.
- Hu, Wuyang, 2006.
"Use of Spike Models in Measuring Consumers' Willingness to Pay for Non-GM Oil,"
Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 38(3), pages 525-538, December.
- Hu, Wuyang, 2006. "Use of Spike Models in Measuring Consumers' Willingness to Pay for Non-GM Oil," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(3), pages 1-14, December.
- Xuqi Chen & Zhifeng Gao & Lisa House & Jiaoju Ge & Chengfeng Zong & Fred Gmitter, 2016.
"Opportunities for Western Food Products in China: The Case of Orange Juice Demand,"
Agribusiness, John Wiley & Sons, Ltd., vol. 32(3), pages 343-362, July.
- Chen, Xuqi & Gao, Zhifeng & House, Lisa, 2013. "Opportunities for Western Food Products in China: The Case of Orange Juice Demand," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150771, Agricultural and Applied Economics Association.
- Richard C. Ready & Jean C. Buzby & Dayuan Hu, 1996. "Differences between Continuous and Discrete Contingent Value Estimates," Land Economics, University of Wisconsin Press, vol. 72(3), pages 397-411.
- Jacobson, Robert & Obermiller, Carl, 1990. "The Formation of Expected Future Price: A Reference Price for Forward-Looking Consumers," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 16(4), pages 420-432, March.
- Yu, Xiaohua & Gao, Zhifeng & Zeng, Yinchu, 2014. "Willingness to pay for the “Green Food” in China," Food Policy, Elsevier, vol. 45(C), pages 80-87.
- A. RamaN & F.M. Bass, 2002. "A gereral test of reference price theory in the presence of threshold effects," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(2), pages 205-226.
- Hall, Joseph M. & Kopalle, Praveen K. & Krishna, Aradhna, 2010. "Retailer Dynamic Pricing and Ordering Decisions: Category Management versus Brand-by-Brand Approaches," Journal of Retailing, Elsevier, vol. 86(2), pages 172-183.
- Richard H. Thaler, 2008.
"Mental Accounting and Consumer Choice,"
Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
- Richard Thaler, 1985. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 4(3), pages 199-214.
- Cam Donaldson & Ruth Thomas & David Torgerson, 1997. "Validity of open-ended and payment scale approaches to eliciting willingness to pay," Applied Economics, Taylor & Francis Journals, vol. 29(1), pages 79-84.
- Niedrich, Ronald W & Sharma, Subhash & Wedell, Douglas H, 2001. "Reference Price and Price Perceptions: A Comparison of Alternative Models," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 28(3), pages 339-354, December.
- Hu, Wuyang & Woods, Timothy & Bastin, Sandra & Cox, Linda & You, Wen, 2011.
"Assessing Consumer Willingness to Pay for Value-Added Blueberry Products Using a Payment Card Survey,"
Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 43(2), pages 243-258, May.
- Hu, Wuyang & Woods, Timothy A. & Bastin, Sandra & Cox, Linda J. & You, Wen, 2011. "Assessing Consumer Willingness to Pay for Value-Added Blueberry Products Using a Payment Card Survey," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(2), pages 1-16, May.
- Qing Liu & Zhen Yan & Jiehong Zhou, 2017. "Consumer Choices and Motives for Eco-Labeled Products in China: An Empirical Analysis Based on the Choice Experiment," Sustainability, MDPI, vol. 9(3), pages 1-12, February.
- Savita Hanspal & P. Raj Devasagayam, 2017. "Impact of Consumers’ Self-Image and Demographics on Preference for Healthy Labeled Foods," SAGE Open, , vol. 7(1), pages 21582440166, January.
- Chen, Xuqi & Gao, Zhifeng & Swisher, Marilyn & House, Lisa & Zhao, Xin, 2018. "Eco-labeling in the Fresh Produce Market: Not All Environmentally Friendly Labels Are Equally Valued," Ecological Economics, Elsevier, vol. 154(C), pages 201-210.
- Eric A. Greenleaf, 1995. "The Impact of Reference Price Effects on the Profitability of Price Promotions," Marketing Science, INFORMS, vol. 14(1), pages 82-104.
- Tian, Xu & Yu, Xiaohua & Holst, Rainer, 2011. "Applying the payment card approach to estimate the WTP for green food in China," IAMO Forum 2011: Will the "BRICs Decade" Continue? – Prospects for Trade and Growth 23, Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO).
- Daniel S. Putler, 1992. "Incorporating Reference Price Effects into a Theory of Consumer Choice," Marketing Science, INFORMS, vol. 11(3), pages 287-309.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2017.
"A theory of price adjustment under loss aversion,"
Journal of Economic Behavior & Organization, Elsevier, vol. 134(C), pages 78-95.
- Pirschel, Inske & Ahrens, Steffen & Snower, Dennis, 2013. "A Theory of Price Adjustment under Loss Aversion," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79793, Verein für Socialpolitik / German Economic Association.
- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2017. "A Theory of Price Adjustment under Loss Aversion," Open Access Publications from Kiel Institute for the World Economy 261841, Kiel Institute for the World Economy (IfW Kiel).
- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A theory of price adjustment under loss aversion," SFB 649 Discussion Papers 2014-065, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A Theory of Price Adjustment under Loss Aversion," IZA Discussion Papers 8138, Institute of Labor Economics (IZA).
- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A theory of price adjustment under loss aversion," Kiel Working Papers 1915, Kiel Institute for the World Economy (IfW Kiel).
- Snower, Dennis & Ahrens, Steffen & Pirschel, Inske, 2014. "A Theory of Price Adjustment under Loss Aversion," CEPR Discussion Papers 9964, C.E.P.R. Discussion Papers.
- Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A theory of price adjustment under loss aversion," Economics Working Papers 2014-05, Christian-Albrechts-University of Kiel, Department of Economics.
- Steffen Ahrens & Inske Pirschel & Dennis Snower, 2014. "A Theory of Price Adjustment under Loss Aversion," CESifo Working Paper Series 4789, CESifo.
- repec:hum:wpaper:sfb649dp2014-065 is not listed on IDEAS
- Yuval Arbel & Danny Ben-Shahar & Stuart Gabriel, 2016. "Are The Disabled Less Loss Averse? Evidence From A Natural Policy Experiment," Economic Inquiry, Western Economic Association International, vol. 54(2), pages 1291-1318, April.
- Chen, Xuqi & Gao, Zhifeng & Swisher, Marilyn & House, Lisa & Zhao, Xin, 2018. "Eco-labeling in the Fresh Produce Market: Not All Environmentally Friendly Labels Are Equally Valued," Ecological Economics, Elsevier, vol. 154(C), pages 201-210.
- Chandrashekaran, R., 2001. "The implications of individual differences in reference price utilization for designing effective price communications," Journal of Business Research, Elsevier, vol. 53(2), pages 85-91, August.
- Kopalle, Praveen K. & Kannan, P.K. & Boldt, Lin Bao & Arora, Neeraj, 2012. "The impact of household level heterogeneity in reference price effects on optimal retailer pricing policies," Journal of Retailing, Elsevier, vol. 88(1), pages 102-114.
- Erpeng Wang & Zhifeng Gao, 2017. "Chinese Consumer Quality Perception and Preference of Traditional Sustainable Rice Produced by the Integrated Rice–Fish System," Sustainability, MDPI, vol. 9(12), pages 1-13, December.
- Prakash, David & Spann, Martin, 2022. "Dynamic pricing and reference price effects," Journal of Business Research, Elsevier, vol. 152(C), pages 300-314.
- van Oest, Rutger, 2013. "Why are Consumers Less Loss Averse in Internal than External Reference Prices?," Journal of Retailing, Elsevier, vol. 89(1), pages 62-71.
- Lillian L. Cheng & Kent B. Monroe, 2013. "An appraisal of behavioral price research (part 1): price as a physical stimulus," AMS Review, Springer;Academy of Marketing Science, vol. 3(3), pages 103-129, September.
- Ranyard, Rob & Missier, Fabio Del & Bonini, Nicolao & Duxbury, Darren & Summers, Barbara, 2008. "Perceptions and expectations of price changes and inflation: A review and conceptual framework," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 378-400, August.
- Biondi, Beatrice & Cornelsen, Laura & Mazzocchi, Mario & Smith, Richard, 2020. "Between preferences and references: Asymmetric price elasticities and the simulation of fiscal policies," Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 108-128.
- Chandrashekaran, Rajesh & Grewal, Dhruv, 2006. "Anchoring effects of advertised reference price and sale price: The moderating role of saving presentation format," Journal of Business Research, Elsevier, vol. 59(10-11), pages 1063-1071, October.
- Robert Slonim & Ellen Garbarino, 2009. "Similarities and differences between stockpiling and reference effects," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(6), pages 351-371.
- Ioana Popescu & Yaozhong Wu, 2007. "Dynamic Pricing Strategies with Reference Effects," Operations Research, INFORMS, vol. 55(3), pages 413-429, June.
- Dmitri Kuksov & Kangkang Wang, 2014. "The Bright Side of Loss Aversion in Dynamic and Competitive Markets," Marketing Science, INFORMS, vol. 33(5), pages 693-711, September.
- Teck H. Ho & Noah Lim & Colin Camerer, 2005. "Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics," Levine's Bibliography 784828000000000476, UCLA Department of Economics.
- Martín-Herrán, Guiomar & Taboubi, Sihem & Zaccour, Georges, 2012. "Dual role of price and myopia in a marketing channel," European Journal of Operational Research, Elsevier, vol. 219(2), pages 284-295.
- Raghubir, Priya, 2006. "An information processing review of the subjective value of money and prices," Journal of Business Research, Elsevier, vol. 59(10-11), pages 1053-1062, October.
- Lindsay Meredith & Dennis Maki, 2001. "Product cannibalization and the role of prices," Applied Economics, Taylor & Francis Journals, vol. 33(14), pages 1785-1793.
- Jaikumar, Saravana & Sahay, Arvind, 2016. "Effect of Overlapping Price Ranges on Price Perception: Revisiting the Range Theory of Price Perception," IIMA Working Papers WP2016-02-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
More about this item
Keywords
Marketing; Institutional and Behavioral Economics; Agribusiness;All these keywords.
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DCM-2020-09-14 (Discrete Choice Models)
- NEP-ENV-2020-09-14 (Environmental Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaea20:304573. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.