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VGU RESEARCH REPOSITORY


Please use this identifier to cite or link to this item: https://epub.vgu.edu.vn/handle/dlibvgu/677
Title: Overview of methods measuring customer’s willingness to pay in direct approaches. Do the product types really influence the willingness to pay bias?
Authors: Ho Ngoc Bao Tran 
Keywords: Willingness to pay;WTP
Issue Date: 2017
Publisher: Vietnamese-German University
Abstract: 
Measuring customer’s maximum willingness to pay (WTP) is really important in developing effective marketing strategies. This paper focuses on the review of previous literatures about methods measuring customer’s WTP in direct approaches, especially open-ended (OE) and dichotomous choice (DC) question formats and testing whether the WTP biases are affected by different product types (examples in this case are normal products and innovative products). The result indicates that there is a larger WTP bias in the survey of innovative product, however, the magnitude of bias between normal and innovative products is not significant. Moreover, based on
the previous studies, reasons which lead to larger bias in innovative products are also tested again in this paper. The results shows that the ability to understand product’s utility and the innovationoriented of customers are two main factors which influence the hypothetical bias in the side of innovative products.
URI(1): http://epub.vgu.edu.vn/handle/dlibvgu/677
Rights: Attribution-NonCommercial 4.0 International
Appears in Collections:Finance & Accounting (FA)

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