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Demand for and Value of Credence Characteristics: Case Beef

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  • Latvala, Terhi
  • Kola, Jukka
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    Abstract

    The aim of this study is to evaluate both qualitatively and quantitatively the value of new information about and the information systems set for credence characteristics of beef. Economics of information is our theoretical framework. The quantitative approach focuses to measure the ex ante value of credence characteristics, and the method of contingent valuation is applied for this purpose. Results indicate that 59 % of Finnish consumers are willing to pay more to get information about safety and quality of beef products. Consumers are most concerned with diseases caused by food of animal origin. Genetically modified organisms (GMOs) are not considered as the mosthazardous risk factor in food products. However, if the beef products contain GMOs used in animals, then consumers also start requiring additional information.

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    File URL: http://purl.umn.edu/24841
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    Bibliographic Info

    Paper provided by European Association of Agricultural Economists in its series 2002 International Congress, August 28-31, 2002, Zaragoza, Spain with number 24841.

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    Date of creation: 2002
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    Handle: RePEc:ags:eaae02:24841

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    Related research

    Keywords: beef; information; credence attributes; contingent valuation; willingness to pay; Food Consumption/Nutrition/Food Safety;

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    1. Hooker, Neal H. & Caswell, Julie A., 1995. "Regulatory Targets And Regimes For Food Safety: A Comparison Of North American And European Approaches," Proceedings: The Economics of Reducing Health Risk from Food, June 6-7, 1995, Washington, D.C. 25964, Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance.
    2. Caswell, Julie A. & Mojduszka, Eliza M., 1996. "Using Informational Labeling To Influence The Market For Quality In Food Products," Working Papers 25989, Regional Research Project NE-165 Private Strategies, Public Policies, and Food System Performance.
    3. Jensen, Helen H. & Basiotis, P., 1995. "Food Safety/Food Quality Data," Staff General Research Papers 10441, Iowa State University, Department of Economics.
    4. Spencer Henson, 1996. "Consumer Willingness To Pay For Reductions In The Risk Of Food Poisoning In The Uk," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1-4), pages 403-420.
    5. Henson, Spencer & Traill, Bruce, 1993. "The demand for food safety : Market imperfections and the role of government," Food Policy, Elsevier, vol. 18(2), pages 152-162, April.
    6. Darby, Michael R & Karni, Edi, 1973. "Free Competition and the Optimal Amount of Fraud," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 67-88, April.
    7. John M. Antle, 1999. "The New Economics of Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(5), pages 993-1010.
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    Cited by:
    1. Ehmke, Mariah D., 2006. "International Differences in Consumer Preferences for Food Country-of-Origin: A Meta-Analysis," 2006 Annual meeting, July 23-26, Long Beach, CA 21193, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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