Perceived risk: an experimental investigation of consumer behavior when buying wine

The purpose of this paper is to investigate differences in expressed attitude as a function of the manner in which information on perceived risk is communicated. The experiments are conducted through a choice‐based questionnaire to reflect the consumer‐oriented decision of the purchase of a bottle of wine based on posted prices. The experiments reported in this paper are based on questionnaires distributed to 323 participants in multiple samples and examine the behavior of people when faced with different information on the probability of loss. The present study demonstrates that changes in the manner in which information is presented, without any underlying change in problem structure, affects observed preferences when buying wine. The impact of perceived risk and character on the willingness to buy and to pay for a bottle is analyzed and show that price habits and perceived risk are the main factors affecting the willingness to pay for a bottle of wine. Copyright © 2016 John Wiley & Sons, Ltd.