A Nonhypothetical Ranking and Auction Mechanism for Novel Products
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Preferences for pomegranates, including some novel pomegranate varieties, were evaluated
using an experimental auction and nonhypothetical preference ranking mechanism. Additional
information on the taste and health benefits of the products was provided to mimic the
information-gathering process on novel products. Product familiarity, product information,
and reference prices were key factors in explaining willingness to pay for the included novel
products. Results from the auction and nonhypothetical preference ranking procedures were
divergent. Furthermore, interactions were detected between information treatments and
product characteristics.