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Consumers' Preferences and Willingness to Pay for Ground Bison

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  • Qasmi, Bashir A.
  • Fausti, Scott W.
  • Underwood, Keith R.

Abstract

A consumer sensory panel study in conjunction with consumers’ willingness to pay experiment for 93% ground bison, 93% ground beef, and 80% ground beef was conducted in Sioux Falls, SD. The average, bid for 93% ground bison was $0.38 per lb. higher than the average bid for 80% ground beef. On an average, bids for 93% ground bison were lower than the bids for 93% ground beef by $0.28 per lb. Providing nutrition information significantly increased panelists’ bids for both 93% ground bison and 93% ground beef. On an average, bids for 93% ground bison, and 93% ground beef, by the panelists with nutrition information were higher as compared to the panelists in the control group by $1.23 and $0.47 per lb., respectively. Highly significant factors impacting the premium for 93% ground bison are the availability of nutrition information, ability to identify bison, and presence of 7-18 years old children in the household. Our analysis demonstrates that informing the potential bison consumers of bison nutrition have potentially a large pay off. The analysis also shows that the 93% ground bison is competing with 93% ground beef, and the factors which impacting 93% ground bison and 93% ground beef are more or less similar.

Suggested Citation

  • Qasmi, Bashir A. & Fausti, Scott W. & Underwood, Keith R., 2015. "Consumers' Preferences and Willingness to Pay for Ground Bison," Economics Research Papers 225645, South Dakota State University, Department of Economics.
    • Handle: RePEc:ags:sdsurp:225645
    DOI: 10.22004/ag.econ.225645
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    References listed on IDEAS

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    Agribusiness; Demand and Price Analysis;

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