Postmodern Consumer And Functional Products: Use Of Innovative Techniques For The Analysis Of Behavior In Experimental Economics

Abstract

In this study the experimental auction method is used in a between sample analysis to asses hypothetical bias and Willingness To Pay (WTP) for canned crushed tomatoes enriched with lycopene. The empirical analysis shows the presence of statistically significant bias between hypothetical and real bids at different level of bids. The difference in bids for the functional and control products defines the implicit WTP variable. Both WTP and implicit WTP show a statistically significant total difference between real and hypothetical bids only at the upper and lower levels of bids. These differences are of opposite signs and balance on average. Focusing on the factors driving the bias, the empirical analysis points out two main groups of variables: socio-demographic variables and attitude toward food technologies.