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An experimental approach of chocolate preferences

1st Conference on Economics and Politics of Chocolate September , 16-18, 2012 – Leuven , Belgium. An experimental approach of chocolate preferences. Emilie GINON LESSAC, ESC Dijon Bourgogne, France Youenn LOHEAC ESC Bretagne Brest, France

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An experimental approach of chocolate preferences

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  1. 1st Conference on Economics and Politics of Chocolate September, 16-18, 2012 – Leuven, Belgium An experimentalapproach of chocolatepreferences Emilie GINON LESSAC, ESC Dijon Bourgogne, France Youenn LOHEAC ESC Bretagne Brest, France CREM, CNRS & Université Rennes 1, France

  2. CONTEXT We are interesting by BEHAVIORAL ECONOMICS EXPERIMENTAL ECONOMICS SENSORY STUDIES & CHOCOLATE

  3. PLAN • Introduction • A smallpiece • Design • Results • The full tablet/bar • Elements • Design • Results • Conclusions

  4. Introduction (1) ABOUT CHOCOLATE Interestingproductfor exploringconsumers’ behaviors: --- Important variety of characteristics (origin, organic, fair-trade, ingredients, cocoa %, etc.) --- Specificproductwithsomeinfleunces and interactions withhumanphysiology and behaviors Someexperiments (not exhaustive): Tagbata & Sirieix (2008), Mahé (2009), Teyssier et al. (2012), Kimura et al. (2012), Torres-Moreno et al. (2012), Savastano (2012)…

  5. Introduction (2) ABOUT EXPERIMENTAL ECONOMICS --- generatingbehaviors in a controlledenvironment (lab) --- to test theories or to explore behaviors --- includesreal incentivesystems (generallywith real money)

  6. 1. A smallpiece --- Design (1) HOW DO WE DECIDE WITH & ???

  7. 1. A smallpiece --- Design (2) RISK AVERSION --- MPL from Holt & Laury (2002) --- 10 situations with increasing likelihood of lower gain and choice between safe and risky lotteries. --- real incentive with money and chocolate DICTATOR GAME --- sharing of a given amount (1.5€ / 10 miniatures) --- real incentive with money and chocolate 48 PARTICIPANTS

  8. 1. A smallpiece--- Results (1) RISK AVERSION --- after excluding for non-consistency --- score on 10

  9. 1. A smallpiece--- Results (2) RISK AVERSION --- Women (definitively) more risk averse --- Men: more risk lovers with money

  10. 1. A smallpiece--- Results (3) DICTATOR GAME --- sharing express in %

  11. 2. The full tablet/bar --- Questions How consumersreactbetweenblindtasting and full information tasting ? Is theredifferencebetweenelicitationmethodologies ? Correlationsbetweenbuying intention, willingness-to-pay and: --- hedonic score --- sensorydescriptors --- individualcharacteristics --- individual opinion

  12. 2. The full tablet/bar --- Design (1)

  13. 2. The full tablet/bar --- Design (2)

  14. 2. The full tablet/bar --- Design (3) THE FOUR PRODUCTS 1.185 € 1.86 € 1.38 € 1.08 € Prices in retail store (feb. 2012)

  15. 2. The full tablet/bar --- Design (4) INCENTIVE SYSTEM --- to avoid hypothetical bias --- subjects could really buy the products --- In accordance with the elicitation methods, in a precise random condition, subjects who give a WTP higher than an offered price really buy the product at this offered price

  16. 2. The full tablet/bar --- Design (5) ELICITATION METHODOLOGIES BDM mechanism (Becker et al., 1963) - for a randomly drawn product - in a randomly drawn phase (A/D) - if subject willing to buy the product - he/she randomly drawn a selling price in a uniform price distribution (market prices) - WTP < selling price  no exchange. - WTP ≥ selling price  subject buys the chocolate tablet at the drawn selling price. Random nth price (RNP) auction (Shogren et al., 2001) - for a randomly drawn product - in a randomly drawn phase (A/D) - a number n is randomly drawn between 2 and N (number of participants). - after ordering all the WTP, n is the price at which the (n-1) higher WTP buy the product at this price. Details: Lusk & Shogren (2007), Lohéac & Issanchou (2007)

  17. 2. The full tablet/bar --- Subjects Students (master degree) from Dijon Business School --- N = 53 --- 48 observations used due to absence in one part

  18. 2. The full tablet/bar --- Results (1) WTP ELICITATION --- 384 buying opportunities  145 real purchases --- average WTP = 2.00 € WTP (€) BUYING INTENTION (%)

  19. 2. The full tablet/bar --- Results (2) SENSORY ANALYSIS --- Hedonic score

  20. 2. The full tablet/bar --- Results (3) SENSORY ANALYSIS --- Intensity

  21. 2. The full tablet/bar --- Results (4) SENSORY ANALYSIS --- MCO on hedonic scores (BLIND)

  22. 2. The full tablet/bar --- Results (5) Link between hedonic score and buying intention -- correlation between WTP and hedonic score: 55% -- but low correlation between WTP and descriptors

  23. 2. The full tablet/bar --- Results (6) Due to treatment/session effect split analysis by treatment WTP (€) BUYING INTENTION (%)

  24. 2. The full tablet/bar --- Results (7) Probit on buying intention by treatment

  25. 2. The full tablet/bar --- Results (8) MCO on WTP

  26. CONCLUSION … (1) In “a small piece” - Women are more risk averse -- Men are more risk lovers with money (chocolate averse?) --- Lower sharing with chocolate In “the full tablet/bar” - Methodological effect … but a session effect -- Sugar, bitter & aroma have a weight in hedonic score --- strong link between hedonic score and buying intention… but not with WTP ---- some other significant effects

  27. CONCLUSION… (2) BUT - A toosmallsample (N = 48) -- Only one session by treatment --- The name of chocolate are written on it SOLUTIONS - Reconduct the experiment € € € € -- To scrape the chocolatepieces …

  28. 1st Conference on Economics and Politics of Chocolate September, 16-18, 2012 – Leuven, Belgium Thankyouverymuch (if you have any question or request) Emilie GINON emilie.ginon@escdijon.eu Youenn LOHEAC yloheac@esc-bretagne-brest.com

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