How Should Consumers’ Willingness to Pay be Measured? An Empirical Comparison of State-of-the-Art Approaches

For your marketing

Possible founder application

Use this study as a bounded example related to how should consumers’ willingness to pay be measured? an empirical comparison of state-of-the-art approaches; evaluate whether its customers, intervention and outcome match your own context.

Reported result

What the study found

BDM and incentive-aligned CBC passed statistical and decision-oriented tests. Incentive-aligned settings produced greater price sensitivity and more 'none' choices; non-incentive methods can nevertheless yield useful demand curves and pricing decisions.

Research question

What the authors investigated

What does how should consumers’ willingness to pay be measured? an empirical comparison of state-of-the-art approaches show about customer behavior or marketing outcomes?

Design

A five-way empirical comparison tested open-ended questions, choice-based conjoint, the Becker–DeGroot–Marschak incentive-compatible mechanism, incentive-aligned choice-based conjoint, and real purchase data; outcomes included price sensitivity, demand curves, and pricing decisions.

Sample and setting

Consumers evaluating a product under four elicitation approaches, benchmarked against real purchase data; the publisher abstract identifies the five-in-one design but does not show the accessible sample count.

Scope and transfer

Limitations to keep in view

The authors frame the comparison around a particular five-method benchmark and note hypothetical bias in open-ended and CBC methods. Inference: results should not be treated as proof that one elicitation method dominates for every product or purchase environment. Full-text methods and correction history were not independently checked.

Research sources

Study metadata and reported results were cross-checked against a direct publisher-page retrieval; detailed full-text methods were not reviewed.