Analysis of consumer preferences for information and expert opinion using a discrete choice experiment
We present a study of consumer preferences for information in wine purchases. Consumers are presented with extra information in the form of qualitative product descriptions and quantitative expert ratings. We implement a discrete choice experiment in which we vary experimentally the presence of the...
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| Veröffentlicht in: | Portuguese economic journal 2020-01, Vol.19 (1), p.67-80 |
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| container_end_page | 80 |
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| container_issue | 1 |
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| container_title | Portuguese economic journal |
| container_volume | 19 |
| creator | Ribeiro, Tiago Corsi, Armando Lockshin, Larry Louviere, Jordan Loose, Simone Mueller |
| description | We present a study of consumer preferences for information in wine purchases. Consumers are presented with extra information in the form of qualitative product descriptions and quantitative expert ratings. We implement a discrete choice experiment in which we vary experimentally the presence of the descriptions and ratings and the values of the ratings themselves. Respondents are asked to choose amongst a set of 5 wine bottles in a sequence of 21 choice scenarios. We find that the presence of extra information and high expert ratings have a significant impact on the willingness to pay for a given wine. The dispersion of ratings for a given wine does not affect respondents’ choices. In our estimates high average ratings by experts carry a premium of AUD $10. |
| doi_str_mv | 10.1007/s10258-019-00154-3 |
| format | Article |
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| identifier | ISSN: 1617-982X |
| ispartof | Portuguese economic journal, 2020-01, Vol.19 (1), p.67-80 |
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| language | eng |
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| source | EBSCOhost Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Consumers Discrete choice Econometrics Economic models Economic Policy Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Experts Microeconomics Original Article Ratings & rankings Willingness to pay Wines |
| title | Analysis of consumer preferences for information and expert opinion using a discrete choice experiment |
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