Valuing Ambiguity: The Case Of Genetically Engineered Growth Enhancers
AbstractA split-valuation method is developed and implemented to elicit the willingness to pay to consume- or avoid consuming- a product of ambiguous quality. The split-valuation method uses experimental auction markets to separate and value the positive and negative attributes of the ambiguous good. The results show that the method can be used to successfully value a good ambiguous quality. Our application reveals that for a sample of students at a midwestern land-grant institution, the average respondent is willing to pay a premium for meat produced with the use of a genetically engineered growth enhancer that has 30% to 60% fewer calories and is 10% to 20% leaner.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 18 (1993)
Issue (Month): 02 (December)
Other versions of this item:
- Buhr, Brian L. & Hayes, Dermot J. & Shogren, Jason F. & Kliebenstein, James, 1993. "Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers," Staff General Research Papers 675, Iowa State University, Department of Economics.
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- Shogren, Jason F, 1990. " The Impact of Self-protection and Self-insurance on Individual Response to Risk," Journal of Risk and Uncertainty, Springer, vol. 3(2), pages 191-204, June.
- McKee, Michael, 1989. "Intra-experimental income effects and risk aversion," Economics Letters, Elsevier, vol. 30(2), pages 109-115, August.
- Shin, Seung Youll & Kliebenstein, James & Hayes, Dermot J. & Shogren, Jason F., 1992. "Consumer Willingness to Pay for Safer Food Products," Staff General Research Papers 546, Iowa State University, Department of Economics.
- Menkhaus, Dale J. & Borden, George W. & Whipple, Glen D. & Hoffman, Elizabeth & Field, Ray A., 1992. "An Empirical Application Of Laboratory Experimental Auctions In Marketing Research," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(01), July.
- Brookshire, David S & Coursey, Don L, 1987. "Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures," American Economic Review, American Economic Association, vol. 77(4), pages 554-66, September.
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