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Willingness-to-Pay for Attribute Level and Variability: The Case of Mexican Millers’ Demand for Hard Red Winter Wheat

Author

Listed:
  • Gallardo, Rosa Karina
  • Lusk, Jayson L.
  • Holcomb, Rodney B.
  • Rayas-Duarte, Patricia

Abstract

In-person interviews were carried out with Mexican millers who were administered a conjoint-type survey designed to incorporate uncertainty in attribute levels. Two methods were used to model millers’ risk preferences: a modified mean-variance approach and an explicit expected utility approach. Controlling for variability, Mexican millers are willing to pay premiums for increases in quality factors such as test weight, protein content, falling number, and dough strength/extensibility. We find millers are not particularly sensitive to changes in the variability of quality characteristics. Out-of-sample forecasts suggest the mean-variance model provides an accurate depiction of actual Mexican imports.

Suggested Citation

  • Gallardo, Rosa Karina & Lusk, Jayson L. & Holcomb, Rodney B. & Rayas-Duarte, Patricia, 2009. "Willingness-to-Pay for Attribute Level and Variability: The Case of Mexican Millers’ Demand for Hard Red Winter Wheat," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 41(3), pages 1-13, December.
    • Handle: RePEc:ags:joaaec:56646
    DOI: 10.22004/ag.econ.56646
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    Cited by:

    1. Guerrero-Baena, M. Dolores & Villanueva, Anastasio J. & Gómez-Limón, José A. & Glenk, Klaus, 2019. "Willingness to pay for improved irrigation water supply reliability: An approach based on probability density functions," Agricultural Water Management, Elsevier, vol. 217(C), pages 11-22.
    2. Roberts, Shane & Brooks, Kathleen & Nogueira, Lia & Walters, Cory G., 2022. "The role of quality characteristics in pricing hard red winter wheat," Food Policy, Elsevier, vol. 108(C).
    3. Agyekum Michael & Jolly Curtis M. & Thompson Henry, 2018. "Aflatoxins and Health Considerations in Consumer Food Choices in Ghana," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 16(2), pages 1-12, November.

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