Research on Willingness to Pay of Internet of Vehicles
Zheqi Zhu† and Nariaki Nishino
Department of Technology of Management for Innovation, The University of Tokyo
7-3-1 Hongo, Bunkyo-ku, Tokyo 113-8656, Japan
This study uses two separate surveys to reveal the mean willingness to pay (WTP) for different attributes of Internet of Vehicles (IoV). It uses conjoint analysis for the first survey with 437 respondents to find the most important attribute among seven attributes of IoV. It uses the contingent value method (CVM) for second survey to reveal the mean WTP of the main attributes from the first survey. The estimated method used is the binomial logit model. The result shows significant concern among people in China about security and willingness to pay an additional CNY 1000 for an IoV product with advanced security features, when other attributes are constant. These results can guide manufacturers in managing technology investments and cost saving targets.
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