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Consumers’ Willingness to Pay for Eco-Certified Wood Products

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  • Kimberly Jensen
  • Paul Jakus

Abstract

We use Kriström’s simple spike model to assess the factors influencing consumers’ willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive “premium” for environmentally certified wood products. For three types of wood products (a $29 shelf, a $200 chair, and an $800 table) we find the estimated market premiums to be 12.9%, 8.5%, and 2.8%, respectively.

Suggested Citation

  • Kimberly Jensen & Paul Jakus, 2003. "Consumers’ Willingness to Pay for Eco-Certified Wood Products," Working Papers 2003-03, Utah State University, Department of Economics.
  • Handle: RePEc:usu:wpaper:2003-03
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    File URL: ftp://repec.bus.usu.edu/RePEc/usu/pdf/ERI2003-03.pdf
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    References listed on IDEAS

    as
    1. R. K. Blamey & J. W. Bennett & M. D. Morrison, 1999. "Yea-Saying in Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 75(1), pages 126-141.
    2. Roger A. Sedjo & Stephen K. Swallow, 2002. "Voluntary Eco-Labeling and the Price Premium," Land Economics, University of Wisconsin Press, vol. 78(2), pages 272-284.
    3. Bengt Kriström, 1997. "Spike Models in Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 1013-1023.
    4. Kevin J. Boyle & Hugh F. MacDonald & Hsiang-tai Cheng & Daniel W. McCollum, 1998. "Bid Design and Yea Saying in Single-Bounded, Dichotomous-Choice Questions," Land Economics, University of Wisconsin Press, vol. 74(1), pages 49-64.
    5. Laura O. Taylor & Ronald G. Cummings, 1999. "Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method," American Economic Review, American Economic Association, vol. 89(3), pages 649-665, June.
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    Cited by:

    1. repec:eee:ecoser:v:22:y:2016:i:pa:p:193-201 is not listed on IDEAS
    2. Aguilar, Francisco X. & Vlosky, Richard P., 2007. "Consumer willingness to pay price premiums for environmentally certified wood products in the U.S," Forest Policy and Economics, Elsevier, vol. 9(8), pages 1100-1112, May.
    3. Xiaogu Li & Christopher Clark & Kimberly Jensen & Steven Yen, 2014. "Will consumers follow climate leaders? The effect of manufacturer participation in a voluntary environmental program on consumer preferences," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 16(1), pages 69-87, January.
    4. Curtis, Kynda & Slocum, Susan, 2016. "The Potential Impacts of Green Certification Programs Focused on Food Waste Reduction on the Tourism Industry," Journal of Food Distribution Research, Food Distribution Research Society, vol. 47(1), March.
    5. repec:eee:jouret:v:90:y:2014:i:2:p:255-274 is not listed on IDEAS

    More about this item

    Keywords

    eco-labeling; eco-certification; spike models; price premium;

    JEL classification:

    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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