Willingness-to-Pay for Fresh Brand Name Beef
"Willingness-to-pay (WTP) for hypothetical brand name fresh beef products was measured using the Becker-DeGroot-Marschak experimental auction procedure. Auctions were conducted in a field setting in and around Winnipeg, Manitoba during the summer of 2006. Four hypothetical brands were developed to individually represent local/Canadian, natural, guaranteed tender, and Angus attributes, respectively. It was found that WTP was highest, approximately $1.31 per 12 ounce steak, for branded steaks associated with the natural, guaranteed tender, and Angus attributes. It was further discovered that WTP is positively affected by preference for the brand name, frequency with which beef is consumed, and the male gender. Conversely, confidence in selecting beef tended to reduce WTP, while effects of age, education, and income were uncertain. It is concluded that the industry should explore opportunities to market higher value products both domestically and abroad if the cost of doing so does not exceed WTP premiums." Copyright (c) 2009 Canadian Agricultural Economics Society.
Year of publication: |
2009
|
---|---|
Authors: | Froehlich, Eve J. ; Carlberg, Jared G. ; Ward, Clement E. |
Published in: |
Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie. - Canadian Agricultural Economics Society - CAES. - Vol. 57.2009, 1, p. 119-137
|
Publisher: |
Canadian Agricultural Economics Society - CAES |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Willingness-to-pay for fresh brand name beef
Froehlich, Eve J., (2009)
-
Froehlich, Eve J., (2007)
-
Effects of Elicitation Method on Willingness-to-Pay: Evidence from the Field
Carlberg, Jared G., (2011)
- More ...