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image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
https://doi.org/10.4337/978103...
Part of book or chapter of book . 2024 . Peer-reviewed
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Willingness to pay (WTP) scales

Authors: Hinterhuber, Andreas;

Willingness to pay (WTP) scales

Abstract

This chapter offers an overview of methodologies and scales for quantifying customer willingness to pay (WTP), an essential metric for pricing strategies. It evaluates various measurement approaches, including open-ended questioning, dichotomous yes/no questions, multi-item scales focused on loyalty and sustainability premiums, conjoint analysis, and the novel comparative method of valuation. The chapter underscores the effectiveness and validity of simple open-ended questions for practical WTP estimation, highlighting their relative accuracy despite potential hypothetical bias. It also addresses methods to mitigate biases, notably the use of cheap talk and certainty scales, and considers the role of social desirability in influencing survey responses. The chapter ultimately provides practical guidance for researchers and practitioners to accurately measure and interpret consumer WTP, emphasizing methodological rigor and caution regarding potential response biases.

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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