Bias and reference-dependence in quality perception of freshness: Analysis based on experimental auction and physical &chemical tests

Freshness is an essential attribute of agricultural products. To meet consumers? demand, suppliers take multiple methods to provide fresher products. But sometimes the effort does not get paid because of quality perception bias. In this study, we investigated the existence of quality perception bias and the effect of reference points. Our results confirmed the existence of quality perception bias. Our results also show that information accuracy significantly influenced consumers? quality perception and WTP. At last, a low reference point had a significant positive effect on consumers? WTP. Results of this paper provide important insight into the approaches to alleviate perception bias, therefore to motivate suppliers to provide high-quality products in the market.

Automated summary

The study confirmed the existence of quality perception bias, with information accuracy significantly influencing consumers' quality perception and willingness to pay. A lower reference point also had a significant positive effect on consumers' willingness to pay.