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Marketing Science |
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| | Volume Number 27 Issue Number 4 First Page 691 Last Page 698 Cover Date August 01, 2008
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Estimating Willingness to Pay with Exaggeration Bias-Corrected Contingent Valuation Method
Joo Heon Park, Douglas L. MacLachlan |
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Estimates of the prices customers are willing to pay for new products or services using responses from survey questionnaires are notoriously biased on the high side. An approach to obtaining more realistic estimates is suggested here, called the exaggeration bias-corrected contingent valuation method (EBC-CVM). The method is an alternative to conventional contingent valuation methods (CVMs) that have been used in economics and, to a lesser extent, in marketing. Two experiments and one field study are presented to demonstrate the effectiveness of the method. In each case, the proposed method outperformed conventional CVMs in comparison with real choices or more realistic price estimates. |
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