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Beyond asking: Exploring the use of automatic price evaluations to implicitly estimate consumers’ willingness-to-pay
Author(s) -
Jasper Dezwaef,
Emiel Cracco,
Jelle Demanet,
Timothy Desmet,
Marcel Braß
Publication year - 2019
Publication title -
plos one
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.99
H-Index - 332
ISSN - 1932-6203
DOI - 10.1371/journal.pone.0219251
Subject(s) - willingness to pay , econometrics , economics , marketing , psychology , business , microeconomics
Explicit consumers responses are often adverse for the validity of procedures used to estimate consumers’ willingness-to-pay (WTP). This paper investigates if price evaluations occur automatically and to what extent these automatic processes can be used to implicitly estimate consumers’ WTP. An adapted version of the task-rule congruency (TRC) paradigm was used in two studies. Results of the first study provided evidence for the notion that prices are automatically evaluated. However, the used procedure had limitations that restricted its utility as an implicit WTP estimate. The procedure was adjusted, and an additional study was conducted. The results of the second study also indicated that prices were evaluated automatically. Additionally, the procedure used during the second study allowed to explore to what extent the observed TRC effects could be used to implicitly estimate consumers’ WTP. Taken together, these studies provided evidence for the notion that prices are evaluated automatically. Furthermore, the procedure has the potential to be further developed into an implicit estimate of consumers’ WTP.

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