FREE LECTURE: UWA Business School - "Measuring People's Willingness to Pay (WTP): 30 Years of Research" with Professor Vithala Rao
|UWA Business School - "Measuring People's Willingness to Pay (WTP): 30 Years of Research" with Professor Vithala Rao : Public Lecture
In this lecture Professor Rao will discuss some of his research on behavioral aspects of pricing. The lecture will focus on three concepts -
1) The usual measurement of WTP using a conjoint utility model may be biased due to the presence of informational effect of price
2) Experimental results showing that the informational effect of price is not trivial to ignore
3) Incentive-compatible measurement procedures recently developed to measure the WTP for different levels of attributes.
Professor Rao will also describe the impact of informational effects of price on marketing resources allocation for a product.
Professor Vithala R. Rao holds a PhD in applied economics/marketing from the Wharton School of the University of Pennsylvania. He has published over 125 papers on several topics including conjoint analysis and multidimensional scaling and choice modeling.
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