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Conference paper

Modelling Consumer Preferences for Novel Foods: Random Utility and Reference Point Effects Approaches

Authors list: Dolgopolova, I; Teuber, R; Bruschi, V; Weber, GW; Danilenko, N; Galitskiy, E

Appeared in: Modeling, Dynamics, Optimization and Bioeconomics II

Editor list: Pinto, A.; Zilberman, D.

Publication year: 2017

Pages: 165-182

DOI Link: https://doi.org/10.1007/978-3-319-55236-1_10

Conference: DGS, International Conference Dynamics, Games and Science 2014

Title of series: Springer Proceedings in Mathematics & Statistics

Number in series: 195

Abstract:

Advances in the bioeconomy lead to a range of innovative products appearing at the consumer markets. However, these products often face consumer resistance. In this chapter we test if a reference point effects approach can provide more information about consumers decision-making regarding novel food products than a random utility approach. We draw on data from a survey and second-price Vickrey auction for novel foods with health and environmental benefits. First, we analyze consumer choices within a random utility framework and compare stated and revealed preferences. Second, reference point effects are included into the methodological framework and weighted and unweighted models for revealed preferences are obtained. Results of the random utility estimations provide information on attributes value and the evidence of overestimated stated preferences. The reference point approach indicates the presence of reference points in the experimental auction data and asymmetrical effects of gains and losses on utility values.

Authors/Editors

- Uni.-Prof. Dr. Ramona Teuber

Citation Styles

Harvard Citation style: Dolgopolova, I., Teuber, R., Bruschi, V., Weber, G., Danilenko, N. and Galitskiy, E. (2017) Modelling Consumer Preferences for Novel Foods: Random Utility and Reference Point Effects Approaches, in Pinto, A. and Zilberman, D. (eds.) Modeling, Dynamics, Optimization and Bioeconomics II. Cham: Springer. pp. 165-182. https://doi.org/10.1007/978-3-319-55236-1_10

APA Citation style: Dolgopolova, I., Teuber, R., Bruschi, V., Weber, G., Danilenko, N., & Galitskiy, E. (2017). Modelling Consumer Preferences for Novel Foods: Random Utility and Reference Point Effects Approaches. In Pinto, A., & Zilberman, D. (Eds.), Modeling, Dynamics, Optimization and Bioeconomics II. (pp. 165-182). Springer. https://doi.org/10.1007/978-3-319-55236-1_10