2023/08/31 by Changkuk Im, Im, Changkuk
Business, Management and Accounting · Economics, Econometrics and Finance · #Consumer Market Behavior and Pricing #Economic and Environmental Valuation #FOS: Economics and business #General Economics (econ.GN) #Wine Industry and Tourism
paper · pdf · doi:10.48550/arxiv.2309.00114
openalex publication_date 2023/08/31 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
This paper studies how to accurately elicit quality for alternatives with multiple attributes. Two multiple price lists (MPLs) are considered: (i) m-MPL which asks subjects to compare an alternative to money, and (ii) p-MPL where subjects are endowed with money and asked whether they would like to buy an alternative or not. Theoretical results show that m-MPL requires fewer assumptions for accurate quality elicitation compared to p-MPL. Experimental evidence from a within-subject experiment using consumer products shows that switch points between the two MPLs are different, which suggests that quality measures are sensitive to the elicitation method.