Stated Preference and Perception Analysis for Traceable and BSE-tested Beef: An Application of Mixed Error-Component Logit Model
Recent studies shows that marketing potential for BSE-tested and traceable beef might exist (Abidoye, et al. 2011, Bailey, et al. 2005, Dickinson and Bailey 2002, Dickinson and Bailey 2005, Loureiro and Umberger 2007). Although consumers’ willingness to pay for is a necessary condition for adoption of an attributes, agribusiness and policy makers can benefit from understanding why consumers are willing to pay for such attribute. We conducted a choice experiment to elicit consumer willingness to pay (WTP) for BSE-tested and traceable beef. We adopted the perceived risk framework suggested by Pennings et al 2002 to explore the relation between consumer perceived risk and WTP for these food-safety attributes. Our results revealed that risk perception, risk attitude, BSE-concern, and perceived level of control agribusiness has on food safety significantly influenced WTP for traceable and BSE-tested beef
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