Limit conjoint analysis and Vickrey auction as methods to elicit consumers' willingness-to-pay: An empirical comparison

European Journal of Marketing

Volumn 41, Issue 11-12, 2007, Pages 1359-1374

  Sichtmann, Christina ^a   Stingel, Susanne ^b  

^a FREIE UNIVERSITÄT BERLIN   (Germany)

^b UNIVERSITY OF MÜNSTER   (Germany)

Author keywords

Consumer behaviour; Payments; Pricing

Indexed keywords

EID: 35548938589     PISSN: 03090566     EISSN: None     Source Type: Journal    
DOI: 10.1108/03090560710821215     Document Type: Article

References (51)

1. Aaker, D.A., Kumar, V. and Day, G.S. (2004), Marketing Research, Vol. 8, Wiley, New York, NY.
2. Addelman, S. (1962), "Orthogal main-effects plans for asymmetrical factorial experiments", Technometrics, Vol. 4 No. 1, pp. 21-46.
3. Albers, S., Barrot, C., Schäfers, B. and Skiera, B. (2004), "Vickrey auction and its ability to estimate consumers' willingness-to-pay", in Munuera-Alemán, J.L. (Ed.), Worldwide Marketing?, Proceedings of the 33rd EMAC Conference, 18th-21st May 2004, Murcia.
4. Backhaus, K. and Brzoska, L. (2004), "Conjointanalytische Präferenzmessungen zur Prognose von Preisreaktionen", Die Betriebswirtschaft, Vol. 64 No. 1, pp. 39-57.
5. Backhaus, K. and Voeth, M. (2003), Limit Conjoint Analysis, Scientific Discussion Paper Series of the Marketing Center Muenster, No. 2, Marketing Center Muenster, Münster, available at: www.marketingcentrum.de/ias/ conpresso/file/No.2lim.pdf.
6. Backhaus, K., Wilken, R., Voeth, M. and Sichtmann, C. (2005), "An empirical comparison of methods to measure willingness to pay by examining the hypothetical bias", International Journal of Market Research, Vol. 47 No. 5, pp. 543-62.
7. Balderjahn, I. (1998), "Empirical analysis of price response functions", in Balderjahn, I., Mennicken, C. and Venette, E. (Eds), New Developments and Approaches in Consumer Behaviour Research, Schaeffer-Poeschl/ Macmillan, Stuttgart and Houndmills, pp. 185-201.
8. Becker, G.M., DeGroot, M. and Marschack, J. (1964), "Measuring utility by a single-response sequential method", Behavioral Science, Vol. 9, pp. 226-32.
9. Brzoska, L. (2003), Die Conjoint-Analyse als Instrument zur Prognose von Preisreaktionen, Verlag Dr Kovac, Hamburg.
10. Burroughs, J.E. and Mick, D.G. (2004), "Exploring antecedents and consequences of consumer creativity in a problem-solving context", Journal of Consumer Research, Vol. 31 No. 2, pp. 402-11.
11. Caroll, J.D. and Green, P.E. (1995), "Psychometric methods in marketing research: part I, conjoint-analysis", Journal of Marketing Research, Vol. 32, November, pp. 385-91.
12. Celsi, R.L. and Olson, J.C. (1988), "The role of involvement in attention and comprehension processes", Journal of Consumer Research, Vol. 15 No. 2, pp. 210-24.
13. Curry, J. (1997), "After the basics: keeping key issues in mind makes conjoint analysis easier to apply", Marketing Research, Vol. 9 No. 1, pp. 6-11.
14. Gijsbrechts, E. (1993), "Price and pricing research in consumer marketing: some recent developments", International Journal of Research in Marketing, Vol. 10 No. 2, pp. 115-51.
15. Goldberg, S.M., Green, P.E. and Wind, Y. (1984), "Conjoint analysis of price premiums for hotel amenities", Journal of Business, Vol. 57 No. 1, pp. 111-32.
16. Green, P.E. and Srinivasan, V.S. (1978), "Conjoint analysis in consumer research: issues and outlook", Journal of Consumer Research, Vol. 5 No. 2, pp. 103-23.
17. Gustafsson, A., Herrmann, A. and Huber, F. (2003), "Conjoint analysis as an instrument of market research practice", in Gustafsson, A., Herrmann, A. and Huber, F. (Eds), Conjoint Measurement: Methods and Applications, Springer, Berlin, pp. 5-47.
18. Hair, J.F., Anderson, R.E., Tatham, R.L. and Black, W.C. (1998), Multivariate Data Analysis, Vol. 5, Prentice-Hall, Upper Saddle River, NJ.
19. Harstad, R.M. (2000), "Dominant strategy adoption and bidders' experience with pricing rules", Experimental Economics, Vol. 3 No. 4, pp. 261-80.
20. Hoffman, E., Menkhaus, D.J., Chakravarti, D., Field, R.A. and Whipple, G.D. (1993), "Using laboratory experimental auctions in marketing research: a case study of new packaging for fresh beef", Marketing Science, Vol. 12 No. 3, pp. 318-38.
21. Hoyer, W.D. and MacInnis, D.J. (2004), Consumer Behavior, Houghton Mifflin, Boston, MA.
22. Jedidi, K. and Zhang, Z.J. (2002), "Augmenting conjoint analysis to estimate consumer reservation price", Management Science, Vol. 48 No. 10, pp. 1350-68.
23. Jedidi, K., Jagpal, S. and Manchada, P. (2002), "Measuring heterogenous reservation prices for product bundles", Marketing Science, Vol. 22 No. 1, pp. 107-30.
24. Jedidi, K., Kohli, R. and DeSarbo, W.S. (1996), "Consideration sets in conjoint analysis", Journal of Marketing Research, Vol. 33 No. 3, pp. 364-72.
25. Kaas, K.-P. and Ruprecht, H. (2006), "Are the Vickrey auction and the BDM mechanism really incentive compatible? - Empirical results and optimal bidding strategies in cases of uncertain willingness-to-pay", Schmalenbach Business Review, Vol. 58 No. 1, pp. 37-55.
26. Kagel, J.H. and Levin, D. (1993), "Independent private value auctions: bidder behaviour in first, second- and third-price auctions with varying numbers of bidders", Economic Journal, Vol. 103 No. 419, pp. 868-79.
27. Kagel, J.H., Harstad, R.M. and Levin, D. (1987), "Information impact and allocation rules in auctions with affiliated private values: a laboratory study", Econometrica, Vol. 55 No. 11, pp. 1275-304.
28. Kalish, S. and Nelson, P. (1991), "A comparison of ranking, rating and reservation price measurement in conjoint analysis", Marketing Letters, Vol. 2 No. 4, pp. 327-35.
29. Kapferer, J.-N. and Laurent, G. (1985), "Consumer involvement profiles: a new practical approach to consumer involvement", Journal of Advertising Research, Vol. 25 No. 6, pp. 48-56.
30. Laurent, G. and Kapferer, J.-N. (1985), "Measuring consumer involvement profiles", Journal of Marketing Research, Vol. 22 No. 2, pp. 42-53.
31. Lines, R. and Denstadli, J.M. (2004), "Information overload in conjoint experiments", International Journal of Market Research, Vol. 46 No. 3, pp. 297-309.
32. Louviere, J., Hensher, D.A. and Swait, J.D. (2000), Stated Preference Methods: Analysis and Application, Cambridge University Press, Cambridge.
33. McAfee, R.P. and McMillan, J. (1987), "Auctions and bidding", Journal of Economic Literature, Vol. 25 No. 2, pp. 699-738.
34. Martin, C.L. (1998), "Relationship marketing: a high-involvement product attribute approach", Journal of Product & Brand Management, Vol. 7 No. 1, pp. 6-26.
35. Mitchell, A.A. (1979), "Involvement: a potentially important mediator of consumer behavior", Advances in Consumer Research, Vol. 6 No. 1, pp. 191-6.
36. Rutström, E.E. (1998), "Home-grown values and incentive compatible auction design", International Journal of Game Theory, Vol. 27 No. 3, pp. 427-41.
37. Salmon, C.T. (1986), "Perspectives on involvement in consumer and communication research", in Dervin, B. and Voigt, M. (Eds), Progress in Communication Sciences, Vol. 7, pp. 243-68.
38. Sattler, H. and Voelckner, F. (2002), Methods for Measuring Consumers' Willingness to Pay, Research Papers on Marketing and Retailing, University of Hamburg, Hamburg.
39. Skiera, B. and Revenstorff, I. (1999), "Auktionen als Instrument zur Erhebung von Zahlungsbereitschaften", Zeitschrift für betriebswirtschaftliche Forschung, Vol. 51 No. 3, pp. 224-42.
40. Stadie, E. (1998), Medial gestützte Limit Conjoint-Analyse als Innovationstest für technologische Basisinnovationen, LIT, Muenster.
41. Stremersch, S. and Tellis, G.J. (2002), "Strategic bundling of products and prices: a new synthesis for marketing", Journal of Marketing, Vol. 66 No. 1, pp. 55-72.
42. Thaler, R.H. and Johnson, E.J. (1990), "Gambling with the house money and trying to break even: the effects of prior outcomes on risky choice", Management Science, Vol. 36 No. 6, pp. 643-60.
43. Thibaut, J.W. and Kelley, H.H. (1959), The Social Psychology of Groups, Wiley, New York, NY.
44. Vickrey, W. (1961), "Counterspeculation, auctions and competitive sealed tenders", Journal of Finance, Vol. 16 No. 3, pp. 8-37.
45. Voelckner, F. (2006), "An empirical comparison of methods to measure willingness to pay", Marketing Letters, Vol. 17 No. 2, pp. 137-49.
46. Voeth, M. (1998), "Limit conjoint analysis: a modification of the traditional conjoint analysis", in Andersson, P. (Ed.), Proceedings of the 27th EMAC Conference, Market Research Practice, Marketing Research, Marketing Research, Vol. 5, Stockholm, pp. 315-31.
47. Voeth, M. and Hahn, C. (1998), "Limit Conjoint-Analyse", Marketing: Zeitschrift für Forschung und Praxis, Vol. 20 No. 2, pp. 119-32.
48. Voeth, M., Rabe, C. and Weissbacher, R. (2004), "Die Akzeptanz von UMTS-Services - Ergebnisse einer Pilotstudie", unpublished manuscript, Stuttgart.
49. Wertenbroch, K. and Skiera, B. (2002), "Measuring consumers' willingness to pay at the point of purchase", Journal of Marketing Research, Vol. 34 No. 2, pp. 228-41.
50. Zaichkowsky, J. (1985), "Measuring the involvement construct", Journal of Consumer Research, Vol. 12, pp. 341-52.
51. Blackwell, R.D. and Engel, J. (2005), Consumer Behaviour, Vol. 10, Thomson Learning, Fort Worth, TX.