A reliable and valid measurement of consumer’s willingness to pay is relevant for many questions in the field of business administration (e.g. pricing for new products). The two methods (a) Vickrey auctions and (b) Becker, DeGroot and Marschak’s lotteries are considered to be outstanding as opposed to their alternatives. An empirical comparison of these two methods with regard to issues of general understanding, reliability, and validity are missing to date. This article aims to fill this relevant gap.
Auktionen versus Lotterien: Ein empirischer Vergleich zur Messung von Zahlungsbereitschaften
SCHREIER, MARTIN;
2007
Abstract
A reliable and valid measurement of consumer’s willingness to pay is relevant for many questions in the field of business administration (e.g. pricing for new products). The two methods (a) Vickrey auctions and (b) Becker, DeGroot and Marschak’s lotteries are considered to be outstanding as opposed to their alternatives. An empirical comparison of these two methods with regard to issues of general understanding, reliability, and validity are missing to date. This article aims to fill this relevant gap.
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