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Regular version of the site

Book chapter

Modeling Consumer Preferences for Novel Foods: Random Utility and Reference Point Effects Approach

P. 165-182.
Dolgopolova I., Teuber R., Bruschi V., Weber G., Danilenko N.

Advances in the bioeconomy lead to a range of innovative products appearing at the consumer markets. However, these products often face consumer resistance. In this chapter we test if a reference point affects approach can provide more information about consumers decision-making regarding novel food products than a random utility approach. We draw on data from a survey and second price Vicrey auction for novel foods with health and environmental benefits. First, we analyze consumer choice within a random utility framework and compare states and revealed preferences. Second, reference point effects are included into the  methodological framework and weighted  and unweighted models for revealed preferences are obtained. Results of random utility estimations provide information on attributes value and the evidence of overestimated stated preferences. The preference point approach indicates the presence of reference points in the experimental auction data and asymmetrical effects of gains and losses on utility values.

In book

Edited by: A. A. Pinto, D. Zilberman. Iss. 195: Springer Proceedings in Mathematics & Statistics. Porto: Springer Publishing Company, 2014.