IDEAS home Printed from https://ideas.repec.org/p/isu/genres/675.html
   My bibliography  Save this paper

Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers

Author

Listed:
  • 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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Buhr, Brian L. & Hayes, Dermot J. & Shogren, Jason F. & Kliebenstein, James, 1993. "Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers," Staff General Research Papers Archive 675, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:675
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Shin, Seung Youll & Kliebenstein, James & Hayes, Dermot J. & Shogren, Jason F., 1992. "Consumer Willingness to Pay for Safer Food Products," Staff General Research Papers Archive 546, Iowa State University, Department of Economics.
    2. McKee, Michael, 1989. "Intra-experimental income effects and risk aversion," Economics Letters, Elsevier, vol. 30(2), pages 109-115, August.
    3. 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.
    4. 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(1), pages 1-12, July.
    5. Don L. Coursey & John L. Hovis & William D. Schulze, 1987. "The Disparity Between Willingness to Accept and Willingness to Pay Measures of Value," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(3), pages 679-690.
    6. 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 554-566, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shogren, Jason F., 2006. "Experimental Methods and Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 19, pages 969-1027, Elsevier.
    2. Shogren, Jason F., 1993. "Experimental Markets and Environmental Policy," Agricultural and Resource Economics Review, Cambridge University Press, vol. 22(2), pages 117-129, October.
    3. Fisher, Ann & Wheeler, William J. & Zwick, Rami, 1993. "Experimental Methods In Agricultural And Resource Economics: How Useful Are They?," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 22(2), pages 1-14, October.
    4. Oben K Bayrak & Bengt Kriström, 2016. "Is there a valuation gap? The case of interval valuations," Economics Bulletin, AccessEcon, vol. 36(1), pages 218-236.
    5. John A. List & Michael S. Haigh, 2010. "Investment Under Uncertainty: Testing the Options Model with Professional Traders," The Review of Economics and Statistics, MIT Press, vol. 92(4), pages 974-984, November.
    6. Shogren, Jason F. & Cho, Sungwon & Koo, Cannon & List, John & Park, Changwon & Polo, Pablo & Wilhelmi, Robert, 2001. "Auction mechanisms and the measurement of WTP and WTA," Resource and Energy Economics, Elsevier, vol. 23(2), pages 97-109, April.
    7. John List, 2005. "Scientific Numerology, Preference Anomalies, and Environmental Policymaking," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 32(1), pages 35-53, September.
    8. James Murphy & P. Allen & Thomas Stevens & Darryl Weatherhead, 2005. "A Meta-analysis of Hypothetical Bias in Stated Preference Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 30(3), pages 313-325, March.
    9. Morrison, Gwendolyn C., 2000. "WTP and WTA in repeated trial experiments: Learning or leading?," Journal of Economic Psychology, Elsevier, vol. 21(1), pages 57-72, February.
    10. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
    11. Jung-Eun Kim & Jungsung Yeo, 2010. "Valuation of Consumers’ Personal Information: A South Korean Example," Journal of Family and Economic Issues, Springer, vol. 31(3), pages 297-306, September.
    12. Stratton, Gary R. & Smathers, Webb M., Jr. & Gooding, Robert, 1992. "Disparity between Hunters' Willingness to Pay and Willingness to Accept Compensation: An Empirical Example," Working Papers 117657, Clemson University, Department of Agricultural and Applied Economics.
    13. Bruno S. Frey & Reiner Eichenberger, 1989. "Should Social Scientists Care about Choice Anomalies?," Rationality and Society, , vol. 1(1), pages 101-122, July.
    14. Catherine Kling & John List & Jinhua Zhao, 2013. "No More Despairing over Disparities: A Dynamic Explanation of the Willingness to Pay and Willingness to Accept Disparity," Artefactual Field Experiments 00466, The Field Experiments Website.
    15. Catherine L. Kling & John A. List & Jinhua Zhao, 2013. "A Dynamic Explanation Of The Willingness To Pay And Willingness To Accept Disparity," Economic Inquiry, Western Economic Association International, vol. 51(1), pages 909-921, January.
    16. Roth, Gerrit, 2006. "Predicting the Gap between Willingness to Accept and Willingness to Pay," Munich Dissertations in Economics 4901, University of Munich, Department of Economics.
    17. John A. List, 2004. "Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace," Econometrica, Econometric Society, vol. 72(2), pages 615-625, March.
    18. Steven D. Levitt & John A. List, 2007. "Viewpoint: On the generalizability of lab behaviour to the field," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 40(2), pages 347-370, May.
    19. John A. List, 2006. "Using Hicksian Surplus Measures to Examine Consistency of Individual Preferences: Evidence from a Field Experiment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 108(1), pages 115-134, March.
    20. Carina Cavalcanti & Andreas Leibbrandt, 2017. "A glance into the willingness to reduce overfishing: Field evidence from a fishnet exchange program," Monash Economics Working Papers 09-17, Monash University, Department of Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:isu:genres:675. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Curtis Balmer (email available below). General contact details of provider: https://edirc.repec.org/data/deiasus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.