A COMPARISON OF CONSUMERS' WILLINGNESS TO PAY AND INFERRED VALUATION IN THE CASE OF WINE

Our study examines wine consumers willingness to pay and inferred valuation towards no added sulphites wine. In particular, we analyzed the role of the inferred valuation in limiting the hypotethical bias. A of 192 Italian and Spanish wine drinkers (i.e. over 18 years old and consumers of wine at least once a month) took part in an experimental auction and were interviewed in a real market setting. Questions investigated respondents shopping patterns, attitude toward environment and general socio-demographic characteristics. OLS analysis findings reveal that the majority of consumers are willing to pay a premium price which varies if stated through an auction mechanism or through an indirect questioning. The empirical evidences suggest that the Inferred Valuation is conditioned by a larger set of variables compared to the Willingness To Pay, and the high statistical significance of their coefficients highlights stable relationships.