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Quantifying The Effects Of New Product Development: The Case Of Low-Fat Ground Beef

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Author Info

  • Brester, Gary W.
  • Lhermite, Pascale
  • Goodwin, Barry K.
  • Hunt, Melvin C.

Abstract

Low-fat ground beef (LFGB) is a new product designed to be as palatable as beef products that contain significantly higher levels of fat. A hedonic model shows that each unitary increase in the leanness of ground beef products carries a price premium of $.0206/lb. If LFGB garners a 10% share of the ground beef market, the retail price of all ground beef products will increase by $.01/lb. and consumption will increase by 39.75 million lbs. The price of commercial cows will increase by $.56/cwt. Price quantity, and welfare measures are magnified as the market share captured by LFGB increases.

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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 18 (1993)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:jlaare:30958

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Web page: http://waeaonline.org/
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Related research

Keywords: Agribusiness;

References

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  1. Ospina, Enrique & Shumway, C. Richard, 1979. "Disaggregated Analysis Of Short-Run Beef Supply Response," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 4(02), December.
  2. Schroeter, John R., 1988. "Estimating the Degree of Market Power in the Beef Packing Industry," Staff General Research Papers 11114, Iowa State University, Department of Economics.
  3. Godfrey, L G, 1976. "Testing for Serial Correlation in Dynamic Simultaneous Equation Models," Econometrica, Econometric Society, vol. 44(5), pages 1077-84, September.
  4. Harp, Harry H., 1980. "The Food Marketing Cost Index: A New Measure for Analyzing Food Price Changes," Technical Bulletins 157677, United States Department of Agriculture, Economic Research Service.
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Citations

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Cited by:
  1. Terry L. Kastens & Gary W. Brester, 1996. "Model Selection and Forecasting Ability of Theory-Constrained Food Demand Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 301-312.
  2. Martinez, Stephen W., 2011. "Brand Premiums in the U.S. Beef Industry," Journal of Food Distribution Research, Food Distribution Research Society, vol. 42(2), July.
  3. Smed, Sinne & Hansen, Lars Garn, 2012. "Consumer valuation of health attributes in food," 2012 AAEA/EAAE Food Environment Symposium, May 30-31, Boston, MA 122730, Agricultural and Applied Economics Association.
  4. Martinez, Stephen W., 2008. "Estimating the Value of Retail Beef Product Brands and Other Attributes," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6455, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Adalja, Aaron & Hanson, James & Towe, Charles & Tselepidakis, Elina, 2013. "An Examination of Consumer Willingness to Pay for Local Products," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150505, Agricultural and Applied Economics Association.
  6. Brester, Gary W. & Wohlgenant, Michael K., 1997. "Impacts Of Gatt/Uruguay Round Trade Negotiations On U.S. Beef And Cattle Prices," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 22(01), July.
  7. Ward, Clement E. & Lusk, Jayson L. & Dutton, Jennifer M., 2008. "Implicit Value of Retail Beef Product Attributes," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(3), December.

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