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"WILLINGNESS TO PAY"
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Willingness to pay framework : climate change mitigation in households
\"This book aims to develop a framework for the assessment of population preferences in climate change mitigation policies by applying Willingness to Pay (WTP) approach and presents the results from several case studies in Lithuania on renewable energy generation and renovation in different households. These analyses of climate change mitigation policies and measures, based on the assessment of their effectiveness, provide recommendations for developing innovative measures in other countries. Since public preferences are variable, climate change mitigation policies can change these preferences and allow to form new ones. A useful reference for academics, policy makers, and business community\"-- Provided by publisher.
Book
Utility in Willingness to Pay Space: A Tool to Address Confounding Random Scale Effects in Destination Choice to the Alps
We compare two approaches for estimating the distribution of consumers' willingness to pay (WTP) in discrete choice models. The usual procedure is to estimate the distribution of the utility coefficients and then derive the distribution of WTP, which is the ratio of coefficients. The alternative is to estimate the distribution of WTP directly. We apply both approaches to data on site choice in the Alps. We find that the alternative approach fits the data better, reduces the incidence of exceedingly large estimated WTP values, and provides the analyst with greater control in specifying and testing the distribution of WTP.
Journal Article
Extended Theory of Planned Behavior for Predicting the Willingness to Pay for Municipal Solid Waste Management in Beijing
Municipal solid waste (MSW) management has become a problem in China, mainly since there is no uniform standard for MSW management charges, causing conflict between local residents and the government. An intelligent garbage sorting system (IGSS) is an effective sorting approach for MSW management. To explore the predictors of local residents’ willingness to pay (WTP) for the IGSS, this study applied an extended theory of planned behavior (TPB) model by adding an antecedent environmental concern (EC) prior to the main predictors of the TPB model (attitudes, subject norms, perceived behavioral control). The WTP of Beijing residents for MSW management and the determinants of WTP were analyzed. The specific amount of WTP was predicted by a contingent valuation method (CVM) in an online questionnaire, and the mean WTP was estimated to be USD 49.93 per household per year. The results showed a positive connection between EC and residents’ WTP, and most of the participants were willing to pay for the IGSS for MSW management.
Journal Article
Effects of Label Information on Consumer Willingness-to-Pay for Food Attributes
Choice experiments (CEs) are often used to elicit consumer willingness-to-pay (WTP) for food attributes. A concern about these approaches is that food attributes provided to respondents are assumed independent of attributes not provided. We use surveys containing a series of CEs to investigate effects of adding beef steak attributes. WTP for important attributes in the CEs decrease when the number of attributes increases from three to four, while WTP increases when the number of attributes increases from four to five. Changes in WTP for attributes depend on their relationships with newly added attributes and the number of attributes presented.
Journal Article
Societal willingness to pay for wild food conservation in Italy: Exploring spatial dimensions of preferences
Forests contribute to human well‐being by offering various ecosystem services (ES), including wild food and other products. While previous studies have typically focused on formally marketed wild foods, there is a growing need to understand the broader significance of wild foods as cultural ES and the factors influencing societal preferences for their supply and maintenance. We conducted a study in Italy, a country with a rich cultural heritage associated with wild food, using data from a discrete choice experiment to analyse how people value wild food (specifically, mushrooms, wild berries and wild herbs) and map their preferences. Our findings revealed respondents' willingness to allocate resources to forest programmes that increase and conserve wild foods, indicating their high‐perceived value as ES. We found that regional traditions are a key motivation for collecting wild food, and that respondents typically collect within their regions. The results highlight the importance of integrating regional spatial dynamics to comprehensively understand societal preferences for ES, particularly in the context of local food systems. Read the free Plain Language Summary for this article on the Journal blog. Read the free Plain Language Summary for this article on the Journal blog.
Journal Article
Effects of the National Bioengineered Food Disclosure Standard
After much debate, the United States recently adopted a law that will require mandatory labeling of genetically modified (GM) food. We elicit willingness-to-pay (WTP) for manufactured and fresh foods that communicate the presence or absence of GM material. We find that a text disclosing the presence of GM material lowers WTP relative to a QR code disclosure that must be scanned. Furthermore, participants perceive Non-GMO Project verified and organic as substitutes; WTP premiums for a product with both Non-GMO Project verified and organic labels is about the same as the WTP premium when either label is present in isolation.
Journal Article
Factors influencing willingness of customers of environmentally friendly hotels to pay a price premium
Purpose
The purpose of this paper is to investigate the influence of customers’ environmental concerns, customers’ perceptions of a hotel’s environmental practices and of the hotels’ environmentally friendly images, on customers’ willingness to pay a price premium to stay at environmentally friendly hotels.
Design/methodology/approach
The theoretical framework comprises both social identity theory and value-belief-norm theory. The data were collected through a survey of 454 customers staying at eco-friendly hotels in Spain. The research model is tested by using a structural equation modelling approach.
Findings
The findings illustrate that customers’ environmental concerns have a greater explanatory value on their willingness to pay a price premium than do their perceptions of the hotels’ environmental practices. Furthermore, these causal relationships are similar in magnitude when considering the mediating effects of the hotels’ eco-friendly image and the environmental practices.
Research limitations/implications
The empirical findings provide managers with a better understanding of how customers’ environmental concerns and their own sense of identification with environmentally friendly hotels influence customers’ behavioural intentions towards willingness to pay a premium.
Originality/value
The paper contributes to the literature by highlighting those cognitive processes that influence the customers’ willingness to pay a price premium to stay at environmentally friendly hotels. Hence, the study provides valuable information to hotel managers.
Journal Article
Do brand relationships on social media motivate young consumers’ value co-creation and willingness to pay? The role of brand love
Purpose
Drawing on consumer brand relationship theory, this study aims to investigate online brand engagement, brand trust and consumer brand identification as antecedents of brand love, amongst Generation Y and Z consumers. It explores the role of brand love in predicting consumers’ intention to co-create value and willingness to pay a premium price for the brand, for brands followed on social media.
Design/methodology/approach
Data from a study of 332 followers of brands on social media were analysed using structural equation modelling.
Findings
Results highlight the role of brand love in mediating the relationship between antecedents online brand engagement and consumer brand identification on intention to co-create value and willingness to pay a premium price. Consumers who trust the brand are more likely to intend to co-create value and are more willing to pay a price premium and these relationships are enhanced when the brand is loved.
Practical implications
Findings provide guidance for managers seeking to build brand friendship relationships with young consumers through social media. Results caution against a form of “superficial” friendship where the consumer may interact and co-create value online, yet fail to value the brand, evidenced through a willingness to pay a premium price.
Originality/value
The research identifies the critical role of brand love in fostering relationships with brands that young consumers follow on social media. The study reveals that neither online brand engagement nor consumer brand identification will result in co-creation of value or willingness to pay a premium price unless the consumer experiences brand love.
Journal Article
Willingness-to-pay for robot-delivered tourism and hospitality services – an exploratory study
Purpose
This paper aims to investigate potential consumers’ willingness to pay for robot-delivered services in travel, tourism and hospitality, and the factors that shape their willingness to pay.
Design/methodology/approach
An online survey yielded a sample of 1,573 respondents from 99 countries. Independent samples t-test, Analysis of variance (ANOVA), cluster, factor and regression analyses were used.
Findings
Respondents expected to pay less for robot-delivered services than human-delivered services. Two clusters were identified: one cluster willing to pay nearly the same price for robotic services as for human-delivered services, whilst the other expected deep discounts for robotic services. The willingness-to-pay was positively associated with the attitudes towards robots in tourism, robotic service experience expectations, men and household size. It was negatively associated to travel frequency, age and education.
Research limitations/implications
The paper’s main limitation is its exploratory nature and the use of a hypothetical scenario in measuring respondents’ willingness to pay. The data were gathered prior to the COVID-19 pandemic and do not reflect the potential changes in perceptions of robots due to the pandemic.
Practical implications
Practitioners need to focus on improving the attitudes towards robots in tourism because they are strongly and positively related to the willingness to pay. The marketing messages need to form positive expectations about robotic services.
Originality/value
This is one of the first papers to investigate consumers’ willingness to pay for robot-delivered services in travel, tourism and hospitality and factors that shape their willingness to pay.
Journal Article
Validity and reliability of contingent valuation and life satisfaction measures of welfare
The contingent valuation method (CV) has long been used to estimate nonmarket values of environmental and other public goods and amenities. Recently, life satisfaction (LS) measures have been used to estimate nonmarket values. This article empirically compares CV and LS measures of welfare. We elicit willingness-to-pay (WTP) estimates for medals won by Canadian athletes and LS measures using Canadian survey data collected before and after the 2010 Winter Olympic Games. These data permit comparative analyses of reliability and validity of CV and LS measures. Both exhibit econometric reliability. CV and LS WTP estimates for medals increase after the Olympics. CV measures of WTP exhibit temporal reliability but LS measures of welfare lack temporal reliability and are significantly greater than CV measures.
Journal Article