6533b86dfe1ef96bd12c97fe
RESEARCH PRODUCT
Are decisions in a real choice experiment consistent with reservation prices elicited with BDM 'auction'? The case of French baguettes
Pierre CombrisSylvie IssanchouEmilie GinonClaire Chabanetsubject
Real choice experimentNutrition and DieteticsReservation[ SDV.IDA ] Life Sciences [q-bio]/Food engineeringRationalityMaximizationTask (project management)Price minimizationPreference maximizationMicroeconomicsConsistency (negotiation)Willingness to payOrder (business)[SDV.IDA]Life Sciences [q-bio]/Food engineeringEconomicsSurplus maximizationWillingness to payConsistencyBAGUETTEPreference (economics)Bread Food Sciencedescription
Abstract The aim of this study was to compare consumer choices observed in a real choice experiment and their reservation prices elicited with the BDM mechanism in order to assess the rationality of participant behaviors. One hundred and seventy-seven participants tested four French baguettes in each task. For the real choice experiment, participants were faced with 17 scenarios (17 × 4 baguette-price combinations). In each method, participants could select a “no purchase” option. Comparing choices and reservation prices made it possible to assess the rationality of participant behaviors. From a strict economic standpoint, 50% of observed choices were fully rational. When one baguette was actually chosen, the main choice strategy was preference maximization (42.2%), followed by price minimization (26.2%), and then by the combination of both (10.5%); the remaining choices (21.1%), for which no clear strategy could be found, were considered puzzling.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2014-01-01 |