Assessing Korean Consumers’ Valuation for BSE Tested and Country of Origin Labeled Beef Products
AbstractThe objective of this study is to estimate Korean consumers’ willingness to pay (WTP) for beef products with BSE testing and country of origin labeling. We use a choice experiment to examine consumers’ valuation for beef products with these labels. In addition to analysis using the pooled sample, we also conduct sub-sample analyses based on consumers’ level of risk perception about beef consumption and selected socio-demographic characteristics. Results suggest that Korean consumers value BSE tested beef. They also have a preference for domestic beef vis-à-vis imported beef. When we conducted separate analysis between respondents who have low vs high risk perception about beef consumption, results suggest that those with high risk perception tend to value BSE testing more than country of origin labeling while those with low risk perception value country of origin labeling more than BSE testing. Moreover, results from separate analysis between respondents who have higher education vs lower education and between older vs younger respondents suggest that young or high educated respondents tend to value BSE testing and imported beef from countries which have not experienced BSE outbreaks more than do older or lower educated respondents.
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Bibliographic InfoPaper provided by Agricultural and Applied Economics Association in its series 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. with number 149615.
Date of creation: 2013
Date of revision:
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Willingness-to-Pay; BSE test label; Risk Perception; Country of Origin; Choice Experiment; Agricultural and Food Policy; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Institutional and Behavioral Economics;
This paper has been announced in the following NEP Reports:
- NEP-AGR-2013-06-04 (Agricultural Economics)
- NEP-ALL-2013-06-04 (All new papers)
- NEP-DCM-2013-06-04 (Discrete Choice Models)
- NEP-EXP-2013-06-04 (Experimental Economics)
- NEP-MKT-2013-06-04 (Marketing)
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