Willingness-to-Pay for Fresh Brand Name Beef
Abstract"Willingness-to-pay (WTP) for hypothetical brand name fresh beef products was measured using the Becker-DeGroot-Marschak experimental auction procedure. Auctions were conducted in a field setting in and around Winnipeg, Manitoba during the summer of 2006. Four hypothetical brands were developed to individually represent local/Canadian, natural, guaranteed tender, and Angus attributes, respectively. It was found that WTP was highest, approximately $1.31 per 12 ounce steak, for branded steaks associated with the natural, guaranteed tender, and Angus attributes. It was further discovered that WTP is positively affected by preference for the brand name, frequency with which beef is consumed, and the male gender. Conversely, confidence in selecting beef tended to reduce WTP, while effects of age, education, and income were uncertain. It is concluded that the industry should explore opportunities to market higher value products both domestically and abroad if the cost of doing so does not exceed WTP premiums." Copyright (c) 2009 Canadian Agricultural Economics Society.
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Bibliographic InfoArticle provided by Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie in its journal Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie.
Volume (Year): 57 (2009)
Issue (Month): 1 (03)
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- Schulz, Lee L. & Schroeder, Ted C. & White, Katharine L., 2010.
"Value Of Beef Steak Branding: Hedonic Analysis Of Retail Scanner Data,"
2010 Annual Meeting, July 25-27, 2010, Denver, Colorado
61596, Agricultural and Applied Economics Association.
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- Schulz, Lee L. & Schroeder, Ted C. & White, Katharine L., 2012. "Value of Beef Steak Branding: Hedonic Analysis of Retail Scanner Data," Staff General Research Papers 35146, Iowa State University, Department of Economics.
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- Xiaohua Yu & Yinchu Zeng & Yuanyuan Liu, 2011. "Consumer Willingness to Pay for Preservative-Free Food: The Case of Beijing," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 70, Courant Research Centre PEG.
- Carlberg, Jared G. & Froehlich, Eve J., 2011. "Effects of Elicitation Method on Willingness-to-Pay: Evidence from the Field," Journal of Food Distribution Research, Food Distribution Research Society, vol. 42(2), July.
- Wirth, Ferdinand F. & Stanton, John L. & Wiley, James B., 2011. "The Relative Importance of Search versus Credence Product Attributes: Organic and Locally Grown," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 40(1), April.
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