Bid data from a Vickrey auction for pork chops with embedded environmental attributes were analyzed. It was found that approximately 62% of the participants had a positive WTP for the most "environmentally friendly" package of pork. Thirty percent of the participants had no WTP, and 8% had a...

Information has been proven to have significant impacts on consumers' behavior and willingness to pay (WTP). In this study, information on GM soybean oil is given in the form of real-life cases involving GM food. These cases recorded from actual media reports. Using a hybrid of the...

This study estimates household demand for finfish in the United States using a limited dependent variable model that accounts for both participation and consumption decisions and also accommodates nonnormal heteroskedastic errors. Results suggest that own-price elasticity is near unitary and...

Although mass-produced beers still represent the vast majority of U.S. beer sales, there has been a significant growth trend in the craft beer segment. This study analyzes the demand for beer as a differentiated product and estimates own-price, cross-price, and income elasticities for beer by...

U.S. per capita fluid milk consumption has decreased since the 1940s. This study uses data collected between 1977 and 2008 from USDA surveys to investigate whether generational change is a contributing factor. More recent generations are found to consume less whole milk and less lower-fat milk,...

Models of rational addiction suggest that obesity is consistent with time-consistent preferences. Behavioral economists maintain that addictions such as alcoholism, smoking and over-eating represent examples of present-bias in decision making that is fundamentally irrational. In this article,...

Homegrown value-auction experiments are useful for exploring preferences for controversial product attributes. These auctions have emphasized estimating the effect of the attribute on the willingness to pay (WTP) for a product. The likelihood that individuals are willing to purchase any products...

In a study of beef quality, consumers tasted steak samples and participated in an experimental auction to determine their willingness to pay. Steaks differed in marbling, tenderness, country of origin, and aging method. Marbling and tenderness had statistically significant impacts on consumers'...

This study examines consumer's willingness to consume different types of a nutritionally enhanced food product (i.e., breakfast cereal with calcium, omega fatty acids, or anti-oxidants) derived from grains genetically modified using two types of technologies: plant-to-plant gene transfer...

In a survey of UK consumers, we elicited their willingness to accept (WTA) a discount for GM foods and willingness to pay (WTP) a premium for non-GM foods in order to assess their valuation on the non-GM characteristic in food products. Mean WTA is found to exceed mean WTP, suggesting the...