In-Store Valuation of Steak Tenderness
Jayson Lusk (),
John Fox (),
James Mintert () and
American Journal of Agricultural Economics, 2001, vol. 83, issue 3, 539-550
Experimental methods were used to examine consumer willingness-to-pay for steak tenderness in a grocery store setting. When relying on a taste test alone to determine product quality, the participants paid an average premium of $1.23/lb for a tender versus tough steak. Fifty-one percent of the participants were willing to pay an average of $1.84/lb when they had completed a taste test and were also provided information about the steak's tenderness. Results indicate that most consumers prefer more tender steaks and that many are willing to pay a premium for tender steaks. Copyright 2001, Oxford University Press.
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:83:y:2001:i:3:p:539-550
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