An experimental approach to valuing new differentiated products

Maynard, Leigh J.; Hartell, Jason G.; Meyer, A. Lee; Hao, Jianqiang

doi:10.1111/j.1574-0862.2004.tb00268.x

Cited by 21 publications

(20 citation statements)

References 18 publications

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“…Our methodology differs from that of Maynard et al (2004) in three important ways. First, participants indicate their quantity demanded at several price combinations with the understanding that one of these will be randomly determined to be binding.…”

Section: Open-ended Choice Experimentsmentioning

confidence: 91%

“…Most similar to the methods we present in this article, Maynard et al (2004) develop a nonhypothetical CE where participants can purchase any nonnegative quantity of any of five types of beefsteak. Participants were presented with just one set of prices and asked to allocate a $20 budget across the five steaks, with change given in frozen hamburger patties.…”

Section: Open-ended Choice Experimentsmentioning

confidence: 99%

“…A third valuation method that incorporates many of the advantages of both experimental auctions and CEs is the nonhypothetical "open-ended choice experiment" (OECE) (e.g., Maynard et al 2004). As with more conventional CEs, participants in an OECE are presented with multiple goods for sale at different prices.…”

mentioning

confidence: 99%

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Comparing Open‐Ended Choice Experiments and Experimental Auctions: An Application to Golden Rice

Corrigan

Depositario

Nayga

et al. 2009

American J Agri Economics

117

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We use two experimental valuation methods to estimate consumer demand for genetically modified golden rice. The first is an open-ended choice experiment (OECE) where participants name the quantities of golden rice and conventional rice demanded at each of several price combinations, one of which will be randomly chosen as binding. This allows us to estimate market demand by aggregating demand across participants. This estimate of market demand also allows us to estimate own-price elasticity and consumer surplus for golden rice. Comparing willingness-to-pay (WTP) estimates from the OECE with those from a uniform-price auction, we find that OECE WTP estimates exhibit less affiliation across rounds, and the effects of positive and negative information under the OECE are more consistent with prior expectations and existing studies. We also find that, while auction WTP estimates more than double across five rounds, OECE WTP estimates are stable across rounds and are always roughly equal to those from the final auction round.

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Section: Open-ended Choice Experimentsmentioning

confidence: 91%

Section: Open-ended Choice Experimentsmentioning

confidence: 99%

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Comparing Open‐Ended Choice Experiments and Experimental Auctions: An Application to Golden Rice

Corrigan

Depositario

Nayga

et al. 2009

American J Agri Economics

117

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“…For the current application, a logit model was used to describe the participation decision, and the tobit model is replaced by a Poisson model. Mullahy (1986), Yen (1999), and Maynard et al (2004) provide examples of count data double-hurdle models.…”

Section: Methodsmentioning

confidence: 99%

Impact of BSE on Beef Purchases in Alberta and Ontario Quick‐Serve Restaurants

Maynard¹,

Goddard²,

Conley³

2008

Canadian J Agri Economics

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"This analysis employed a highly disaggregated household data set of Alberta and Ontario fast food purchases from May 2000 to May 2005. A double-hurdle count data model allowed tests of the hypotheses that frequency of Bovine spongiform encephalopathy " ("BSE) media coverage affected neither a household's monthly probability of purchasing a beef entree, nor the household's monthly quantity of beef entrees purchased. Ontario consumers were more likely to stop purchasing beef entrees immediately following a surge in BSE media coverage, but those who did buy beef entrees maintained stable quantity levels. BSE media coverage did not systematically affect fast food purchases among Alberta consumers". Copyright (c) 2008 Canadian Agricultural Economics Society.

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“…A 10 % threshold was used as the least critical level of significance in the double hurdle estimates, which is common in WTP valuation studies (e.g. (Lusk et al, 2001a;Maynard et al, 2004;Han and Harrison, 2006;Froehlich et al, 2009). …”

Section: Discussionmentioning

confidence: 99%