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Estimating the Optimal Premium Rates for Credential Food Attributes: A Case Study in the Northeast United States

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  • Li, Minghao
  • Wang, Qingbin
  • Kolodinsky, Jane M.
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    Abstract

    Using 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 respondents’ 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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    File URL: http://purl.umn.edu/145329
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    Bibliographic Info

    Article provided by Food Distribution Research Society in its journal Journal of Food Distribution Research.

    Volume (Year): 43 (2012)
    Issue (Month): 2 (July)
    Pages:

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    Handle: RePEc:ags:jlofdr:145329

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    Web page: http://fdrs.ag.utk.edu/
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    Related research

    Keywords: consumers; willingness-to-pay (WTP); organic; local; made in Vermont; Community/Rural/Urban Development; Crop Production/Industries;

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    1. Zhifeng Gao & Ted C. Schroeder, 2007. "Effects of Label Information on Consumer Willingness-to-Pay for Food Attributes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(3), pages 795-809.
    2. Carlos E. Carpio & Olga Isengildina-Massa, 2009. "Consumer willingness to pay for locally grown products: the case of South Carolina," Agribusiness, John Wiley & Sons, Ltd., vol. 25(3), pages 412-426.
    3. Julie A. Caswell & Eliza M. Mojduszka, 1996. "Using Informational Labeling to Influence the Market for Quality in Food Products," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(5), pages 1248-1253.
    4. Kim Darby & Marvin T. Batte & Stan Ernst & Brian Roe, 2008. "Decomposing Local: A Conjoint Analysis of Locally Produced Foods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(2), pages 476-486.
    5. Maria L. Loureiro & Jill J. McCluskey & Ron C. Mittelhammer, 2003. "Are Stated Preferences Good Predictors of Market Behavior?," Land Economics, University of Wisconsin Press, vol. 79(1), pages 44-45.
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