Consumer attitudes toward low stake risk in food markets
Frode Alfnes,
Kyrre Rickertsen and
Øydis Ueland
Applied Economics, 2008, vol. 40, issue 23, 3039-3049
Abstract:
Consistency of quality is viewed as important for producers of consumer goods. However, there is no literature testing the importance of quality consistency on consumers' willingness to pay for consumer goods. We use an experimental auction market to investigate how inconsistency in tenderness affects consumers' willingness to pay for beef. We find that most consumers are risk averse with respect to sensory quality. Both the average tenderness and the variance of tenderness affected the consumers' willingness to pay for beef. Reducing the uncertainty of the sensory quality by categorizing the beef into three tenderness classes increased the total value of the beef by 8%.
Date: 2008
References: Add references at CitEc
Citations: View citations in EconPapers (4)
Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/00036840600994062 (text/html)
Access to full text is restricted to subscribers.
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:taf:applec:v:40:y:2008:i:23:p:3039-3049
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20
DOI: 10.1080/00036840600994062
Access Statistics for this article
Applied Economics is currently edited by Anita Phillips
More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst (chris.longhurst@tandf.co.uk).