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Contextual reference price in choice experiments
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DOI：10.1111/ajae.12354.png)
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Abstract
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A reference price depends on the context of purchase. For prices in preference elicitation experiments to be interpreted by respondents exactly as prices in real purchases, a condition must be met: Contextual reference prices in experiments and real purchases must equal. Using a choice experiment, we found that the willingness to pay estimates tend to be smaller when the respondents are reminded about their self-reported reference price of the product. This shows that the equality of reference price between experiments and real purchases may not hold. Thus, willingness to pay estimated from a choice experiment may only be contextually specific to its setting. The theory of contextual reference price may offer a fresh perspective on hypothetical bias, and it may be useful in refining choice experiments.
Keywords:
choice experiment
contextual reference price
hypothetical bias
reminder
willingness to pay
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