Consumer valuation of health attributes for soy-based food: A choice modeling approach
Given that soy foods possess health-promoting attributes that offer the promise of reducing heart-related chronic diseases, this article employs choice experiments to estimate marginal willingness to pay (WTP) for soy attributes including taste, contents of soy protein, and health claim. Random parameter logit (RPL) models were estimated in consideration of potential heterogeneity across individuals in their preferences for soy food. Standard deviation parameters in the RPL models are highly significant, indicating that individuals have widely varying preferences for soy-based food products. Results suggest that, while taste is the dominating attribute that drives consumers’ WTP for soy food products, consumers do respond to the information provided in the health claim. Yet, consumers do not seem to be recognizing soy protein as the link to health benefits of soy foods.
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