Many luxury brands have ventured into the virtual realm (e.g., metaverse, AR product displays) to showcase their products. However, prior research has failed to empirically test how virtuality affects luxury brand perceptions. Because the fundamental nature of luxury brands (i.e., high quality,...

Knowledge of consumers' willingness to pay (WTP) is a prerequisite to profitable price-setting. To gauge consumers' WTP, practitioners often rely on a direct single question approach in which consumers are asked to explicitly state their WTP for a product. Despite its popularity among...

This study compares the performance of four commonly used approaches to measure consumers’ willingness to pay (WTP) to real purchase data (REAL): the open-ended question format (OE), choice-based conjoint analysis (CBC), the incentive-compatible mechanism proposed by Becker, DeGroot, and...

"Modern commercial landscapes are characterized by rapidly evolving markets, and this authoritative Encyclopedia acts as an essential navigational guide to such changeable consumer environments. This Encyclopedia provides an overview of crucial subjects within the study of consumer behavior,...

Getting the price right is essential for successful new product introductions. An accurate estimate of consumers' willingness to pay is a crucial part of this task. Measurement of willingness to pay for innovations, however, often yields biased results. In this paper, we investigate...