Factors Explaining the Consumers' Willingness-to-Pay for a "Typical" Food Product in Spain: Evidence from Experimental Auctions

A random nth price experimental auction is used to elicit the willingness to pay (WTP) a premium for the locally produced and high quality white bean "Mongeta Ganxet" (MG) (Catalonia - Spain). Moreover, we are interested in testing the effect on the WTP of providing different pieces of information to participants. Results indicate that the provision of information on organoleptic, nutritional and cooking characteristics of the MG as well as their tasting has increased participants' WTP. Also, providing reference prices of substitutive products (both conventional and alternative high quality white beans) positively stimulates the premium participants are willing to pay for the MG. Finally, the level of consumption, the degree of knowledge about the product and the participants' previous experience increase the purchasing intention of the MG.