Estimating the Optimal Premium Rates for Credential Food Attributes: A Case Study in the Northeast United States
AbstractUsing data from the 2010 Taste of Place survey conducted in Vermont and three metropolitan areas in the northeast United States, this study examines consumer willingness to pay (WTP), estimates price elasticity, and calculates the optimal premium rates for selected credence food attributes. The empirical results indicate that respondentsâ€™ WTP varies significantly across attributes and is closely associated with certain demographic factors. The estimated optimal premium rates and estimation procedures presented in this paper can help producers and retailers identify the optimal premium rates for each attribute in association with geographical or socioeconomic segments of consumers.
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Bibliographic InfoArticle provided by Food Distribution Research Society in its journal Journal of Food Distribution Research.
Volume (Year): 43 (2012)
Issue (Month): 2 (July)
consumers; willingness-to-pay (WTP); organic; local; made in Vermont; Community/Rural/Urban Development; Crop Production/Industries;
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