Consumer Preferences for Fresh Food with Multiple Attributes: Evidence from an Experimental Auction of Pork Chops
This study illustrates an application of experimental auction methods, using both experimental economics and experimental design, to evaluate consumer perceptions and willingness to pay (WTP) for fresh pork chops. We test and reject hypotheses that (a) market prices and consumers' WTP are unaffected by the level of attributes embodied in the pork chops, (b) appearance (based on photographs or actual product) and actual taste are equally good sources of consumer information, and (c) consumers are consistent in their preferences for fresh pork attributes. A major conclusion is that predicting consumer demand for fresh pork (or any fresh food) based on appearance without tasting is unproductive.
Year of publication: |
1996-11-01
|
---|---|
Authors: | Melton, Brian ; Huffman, Wallace ; Shogren, Jason F. |
Institutions: | Department of Economics, Iowa State University |
Saved in:
Saved in favorites
Similar items by person
-
Economic Values of Pork Attributes: Hedonic Price Analysis of Experimental Auction Data
Melton, Brian, (1996)
-
Beef and Pork Packing Costs and Input Demands: Effects of Unionization and Technology
Melton, Brian, (1995)
-
Are U.S. Consumers Tolerant of GM Foods?
Huffman, Wallace, (1009)
- More ...