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Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers

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  • Buhr, Brian L.
  • Hayes, Dermot J.
  • Shogren, Jason F.
  • Kliebenstein, James

Abstract

A split-valuation method is developed and implemented to elicit the willingness to pay to consume- or avoid consuming- a product of ambiguous quality. The split-valuation method uses experimental auction markets to separate and value the positive and negative attributes of the ambiguous good. The results show that the method can be used to successfully value a good ambiguous quality. Our application reveals that for a sample of students at a midwestern land-grant institution, the average respondent is willing to pay a premium for meat produced with the use of a genetically engineered growth enhancer that has 30% to 60% fewer calories and is 10% to 20% leaner.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 675.

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Date of creation: 01 Dec 1993
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Publication status: Published in Journal of Agricultural and Resource Economics, December 1993, vol. 18 no. 2, pp. 175-184
Handle: RePEc:isu:genres:675

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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  1. Menkhaus, Dale J. & Borden, George W. & Whipple, Glen D. & Hoffman, Elizabeth & Field, Ray A., 1992. "An Empirical Application Of Laboratory Experimental Auctions In Marketing Research," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(01), July.
  2. McKee, Michael, 1989. "Intra-experimental income effects and risk aversion," Economics Letters, Elsevier, vol. 30(2), pages 109-115, August.
  3. Brookshire, David S & Coursey, Don L, 1987. "Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures," American Economic Review, American Economic Association, vol. 77(4), pages 554-66, September.
  4. Shin, Seung Youll & Kliebenstein, James & Hayes, Dermot J. & Shogren, Jason F., 1992. "Consumer Willingness to Pay for Safer Food Products," Staff General Research Papers 546, Iowa State University, Department of Economics.
  5. Shogren, Jason F, 1990. " The Impact of Self-protection and Self-insurance on Individual Response to Risk," Journal of Risk and Uncertainty, Springer, vol. 3(2), pages 191-204, June.
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