Food purchasing and social status perceptions
In a new study in Applied Economics , Palma et al seek to reveal consumer motivations behind willingness to pay for expensive foods versus valuation of food attributes. Could it be fashion, a bid for prestige or a statement of wealth and social standing?The research team conducted field experiments to see why we will hand over more hard earned cash for foods with better attributes. 201 participants entered a baseline sealed bid auction of lettuces with no information available. A second bidding round was conducted after half