| Wine is a product whose value largely depends on the reputation associated with its region of production. China is a newcomer and latecomer to wine production and consumption. Wine consumption, especially imported wine, rarely exists outside of major urban areas. Therefore, understanding the Chinese local markets and consumer preference for wine products is important for foreign wine producers. WTP (Willingness-to-Pay), in economics, is the maximum amount a person would be willing to pay for a good, which is a useful tool to address consumers’ preference. In our study, we investigate the effects of information and origin of production on Chinese consumers’ WTP for wine. By using a second-price sealed-bid auction mechanism, which was first developed by... |
