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Knowledge of consumers' willingness to pay (WTP) is a prerequisite toprofitable price-setting. To gauge consumers' WTP, practitioners often rely ona direct single question approach in which consumers are asked to explicitlystate their WTP for a product. Despite its popularity among practitioners, thisapproach has been found to suffer from hypothetical bias. In this paper, wepropose a rigorous method that improves the accuracy of the direct singlequestion approach. Specifically, we systematically assess the hypotheticalbiases associated with the direct single question approach and explore ways tode-bias it. Our results show that by using the de-biasing procedures wepropose, we can generate a de-biased direct single question approach that isaccu-rate enough to be useful for managerial decision-making. We validate thisapproach with two studies in this paper.

A De-biased Direct Question Approach to Measuring Consumers' Willingness to Pay