Willingness to Pay for Green Products vs Ecological Value System
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Environmental concern has been an important issue for a few decades and the extent of consumer demand for eco-friendly consumption has increased. The article presents research results concerning the willingness to pay (WTP) for selected green products, defined by the auction method. Moreover, the paper presents the interrelations between the perceived benefits, individual value system and the WTP. Purpose – The aim of research is evaluation of willingness to pay (WTP) for green products, assessment of the interrelations between willingness and the individual values, perceived benefits. Design/methodology – The experiment in a form of the auction was carried out in order to assess the current WTP. Three non-eco-friendly products and their ecological equivalents were chosen. The auction was carried out among 20 persons. For evaluation of perceived benefits and individual system of values a questionnaire form was used. Findings – Not eco-friendly products were evaluated slightly higher than their real (market) value. Green products were evaluated below their market value. Considering a system of values, the self-enhancement values are mostly interrelated with the perceived environmental benefits and product functionality. In the group of people with dominating self-transcendence values a connection exists between the purchase of green products and perceived individual benefits. Research implications – Results can constitute a starting point for the research on the influence of a value system on purchase decisions of green products. Practical implications – Results can be used for establishing process of green products, and making plans for their marketing campaigns. Social implications – Results increase the knowledge about the perception and the reception of green products by clients with different systems of values. Originality/value – The article complements former research through combining the factors such as perceived benefits from using green products, user’s individual value system, and environmental effects of product production with the WTP. Paper type – research
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