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Strategic Implications of the Relationship Between Priceand willingness to Pay: Evidence from aWine-Tasting Experiment*Geoffrey Lewisaand Tatiana ZalanbAbstractWe empirically examine the Relationship Between price and willingness to pay (WTP) forwines by conducting a wine-tasting experiment with a manipulation of price similar to thatused by Plassman et al. (2008); that is, with the same wines being presented at different that for non-expert wine consumers a complex interaction exists Between wineappreciation, price and WTP. The key conclusions from the study are that for non-expert wineconsumers (1) there is no Relationship Between intrinsic wine character and enjoyment(individuals rated the same wines quite differently), and (2) price influences both appreciationof wine and WTP, but the latter more strongly. Buying decisions are determined by consumersurplus (the difference Between WTP and price), and yet, for non-expert wine drinkers, WTPis itself strongly influenced by price.
Strategic Implications of the Relationship Between Price and Willingness to Pay: Evidence from a Wine-Tasting Experiment* Geoffrey Lewisa and Tatiana Zalanb Abstract
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