Heffetz, Ori; Shayo, Moses - American Association of Wine Economists - AAWE - 2009
alternative conjecture is consistent with evidence from marketing studies. However, neither theory nor evidence is informative …. In our lab experiment we find that, consistent with marketing evidence, prices positively affect stated willingness to … pay. However, when examining actual demand, non-BC price elasticities are considerably smaller than BC price elasticities …