International Review of Environmental and Resource Economics > Vol 10 > Issue 3-4

Using Stated Preference Techniques and Experimental Auction Methods: A Review of Advantages and Disadvantages for Each Method in Examining Consumer Preferences for New Technology

Wallace E. Huffman, Iowa State University, USA, whuffman@iastate.edu Jill J. McCluskey, Iowa State University, USA,
 
Suggested Citation
Wallace E. Huffman and Jill J. McCluskey (2017), "Using Stated Preference Techniques and Experimental Auction Methods: A Review of Advantages and Disadvantages for Each Method in Examining Consumer Preferences for New Technology", International Review of Environmental and Resource Economics: Vol. 10: No. 3-4, pp 269-297. http://dx.doi.org/10.1561/101.00000088

Published: 16 Aug 2017
© 2017 W. E. Huffman and J. J. McCluskey
 
Subjects
Environmental Economics:Contingent Valuation,  Industrial Organization:Auctions,  Choice Modeling
 
Keywords
D12D44Q51
Revealed preference surveysexperimental auctionsprivate goodsnew food productshypothetical biasincentive compatibledeceptionderegulation of human subjects research
 

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In this article:
1 Introduction
2 Background on Methods
3 Discussion of Stated-Preference Methods
4 Discussion of Lab Experiments
5 Conclusions
References

Abstract

In this article, we review, evaluate, and provide guidance on the use of stated preference surveys and revealed preference experimental auctions to assess consumers' willingness-to-pay for new food products, or private goods. Both approaches have advantages and disadvantages, and the choice of which one to use should be guided by which method best fits the objectives of the inquiry.

DOI:10.1561/101.00000088