Analysis of consumer preferences for information and expert opinion using a discrete choice experiment
Tiago Ribeiro (),
Armando Corsi (),
Larry Lockshin (),
Jordan Louviere () and
Simone Mueller Loose ()
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Tiago Ribeiro: Institute for Choice - University of South Australia Business School
Armando Corsi: University of South Australia
Larry Lockshin: University of South Australia
Jordan Louviere: University of South Australia Business School
Simone Mueller Loose: University of South Australia
Portuguese Economic Journal, 2020, vol. 19, issue 1, No 5, 67-80
Abstract 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.
Keywords: Stated preference survey; Discrete choice experiments; Experimental design; Wine preferences; Expert opinion (search for similar items in EconPapers)
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