Advances in the bioeconomy lead to a range of innovative products appearing at the consumer markets. However, these products often face consumer resistance. In this chapter we test if a reference point effects approach can provide more information about consumers decision-making regarding novel food products than a random utility approach. We draw on data from a survey and second-price Vickrey auction for novel foods with health and environmental benefits. First, we analyze consumer choices within a random utility framework and compare stated and revealed preferences. Second, reference point effects are included into the methodological framework and weighted and unweighted models for revealed preferences are obtained. Results of the random utility estimations provide information on attributes value and the evidence of overestimated stated preferences. The reference point approach indicates the presence of reference points in the experimental auction data and asymmetrical effects of gains and losses on utility values.