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Analysis of Willingness to Pay for Cheese Characteristics Using the Hedonic Price Model

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  • An, Miran

Abstract

This study examines the theoretical background of the hedonic price model based on consumer utility maximization and producer profit maximization. The objective of this study is to evaluate the characteristics value of cheese and analyze willingness to pay for the cheese characteristics with the hedonic price model. This study provides implications for strengthening the competitiveness of domestic cheese, which can actively respond to changing domestic and international conditions in the dairy market. The price elasticity of the packaged unit has a relatively large impact on consumers' willingness to pay. The WTP for non-antibiotic and organic cheese is higher than the non-certified cheese. Domestic brands have a lower price premium than imported brands. Also, America's crude cheese is the cheapest, followed by Oceania and the EU, and the preference for natural cheese is higher than processed cheese. In addition, it is estimated that cooking cheese has a lower price premium than ordinary cheese.

Suggested Citation

  • An, Miran, 2018. "Analysis of Willingness to Pay for Cheese Characteristics Using the Hedonic Price Model," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 41(3).
    • Handle: RePEc:ags:jordng:330746
    DOI: 10.22004/ag.econ.330746
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