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Do market prices correspond with consumer demands? Combining market valuation and consumer utility for extra virgin olive oil quality attributes in a traditional producing country

Petjon Ballco and Azucena Gracia

Journal of Retailing and Consumer Services, 2020, vol. 53, issue C

Abstract: The objective of this research is to examine whether there is a relationship between the value of attributes based on the market price and on consumer utilities. To address this objective, the results from a hedonic price (HP) approach are combined with the actual consumer utilities from a real choice experiment (RCE) for extra virgin olive oil (EVOO) attributes. The results indicate that the origin of production attribute positively influences consumer utility and it is also positively related to market EVOO prices. Conversely, the PDO quality certification positively influences consumer utility and willingness to pay, although it is not related to EVOO prices in the real market.

Keywords: Extra virgin olive oil; Real choice experiment; Hedonic price; Consumer (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1016/j.jretconser.2019.101999

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