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date: 11 November 2019

Abstract and Keywords

This article describes and compares the different incentive-compatible valuation mechanisms used to evaluate food attributes. It then discusses the relationships between laboratory and field experiments. Valuation mechanisms can be implemented in different ways. It examines the effects of differences in the implementation and suggests procedural refinements of the valuation mechanisms. It assesses the validity of laboratory results outside the laboratory. Some empirical results that illustrate the usefulness of experimental markets are briefly discussed. The mechanisms discussed provide incentives for the participants to make bids that are consistent with their willingness to pay. However, several anomalies have been reported in laboratory experiments. This article briefly discusses some of these results and provides some plausible explanations for this lack of internal validity. It concludes with suggestions for a “best practice” implementation of valuation experiments in food economics and marketing.

Keywords: incentive-compatible valuation, valuation mechanisms, food attributes, experimental markets, internal validity

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