Willingness to Pay (WTP) is the maximum price at or below which a consumer will definitely buy one unit of the product.[1] This corresponds to the standard economic view of consumer reservation price. Some researchers however conceptualize WTP as a range.
According to the constructive preference view, consumer willingness to pay is a context sensitive construct, that is, a consumer´s maximum WTP for a product depends on the concrete decision context. For example, consumers tend to be willing to pay more for a soft drink in a luxury hotel resort in comparison to a beach bar or a local retail store.