6533b85bfe1ef96bd12bac2f
RESEARCH PRODUCT
Assessing the effect of information on the reservation price for Champagne: what are consumers actually paying for?
Christine LangeSylvie IssanchouPierre Combrissubject
[SPI.GPROC] Engineering Sciences [physics]/Chemical and Process Engineering05 social sciencesReservationAdvertising04 agricultural and veterinary sciencesHorticulture[SDV.IDA] Life Sciences [q-bio]/Food engineering040401 food scienceGeneral Business Management and Accounting[SHS]Humanities and Social SciencesReservation price0404 agricultural biotechnologyWillingness to pay0502 economics and business[SDV.IDA]Life Sciences [q-bio]/Food engineeringEconomicsVickrey auction[SPI.GPROC]Engineering Sciences [physics]/Chemical and Process Engineering050202 agricultural economics & policyWine tasting[SHS] Humanities and Social SciencesMarketingFood Sciencedescription
AbstractTwo series of Vickrey auctions have been performed to assess the effect of packaging information (bottle and label) on the reservation prices of ordinary consumers for five brut non-vintage Champagnes. As in other studies on wine tasting, packaging information is found to explain much more of the variation in willingness to pay than sensory information. Participants are unable, or unwilling, to put different values on the Champagnes after blind tasting, but significant differences in reservation prices appear when labels are disclosed. Detailed analysis of choices reveals a large heterogeneity in individual behaviors and valuations of the Champagnes included in this study. (JEL Classification: C91, D12)
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2018-03-26 |