Using Stated Preference Techniques and Experimental Auction Methods: A Review of Advantages and Disadvantages for Each Method in Examining Consumer Preferences for New Technology

In this article, we review, evaluate, and provide guidance on the use of stated preference surveys and revealed preference experimental auctions to assess consumers' willingness-to-pay for new food products, or private goods. Both approaches have advantages and disadvantages, and the choice of which one to use should be guided by which method best fits the objectives of the inquiry.