The effects of experience versus description of attributes on willingness‐to‐pay for beefsteaks

Marco Palma (), Myriah D. Johnson and David Anderson

Agricultural Economics, 2019, vol. 50, issue 2, 129-137

Abstract: We study the influence of the market environment in the beef industry by setting up an experiment in which the economic setting is changed from a “market purchasing” setting to a “tasting experience repurchasing” setting. In the market purchasing setting, subjects respond to a stated choice experiment for beefsteaks while shopping at a grocery store. This setting appeals more to the homegrown “purchase intention” and the results show that participants place more value on credence attributes rather than sensory attributes. In the experience repurchasing setting, subjects respond to the same discrete choice experiment (DCE), but the task is performed in a tasting facility where participants taste several steak products before making their choices. The experience repurchasing treatment appeals more to repurchase intentions and the results show that participants valued more the physical and sensory attributes of the beefsteaks. The information provided in this article is useful for the beef industry to understand the key drivers of market penetration purchasing based on attribute descriptions and repurchase intention based on experiencing physical and sensory attributes of beefsteaks.

Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/agec.12471

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:agecon:v:50:y:2019:i:2:p:129-137

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0169-5150

Access Statistics for this article

Agricultural Economics is currently edited by W.A. Masters and G.E. Shively

More articles in Agricultural Economics from International Association of Agricultural Economists Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().