Estimating the Implicit Price of Convenience: A Hedonic Analysis of the US Breakfast Sausage Market
Agribusiness, 2015, vol. 31, issue 2, 281-292
ABSTRACT Using 52 weeks of syndicated point‐of‐purchase scanner data at the US‐level, a hedonic pricing model was estimated and used to quantify the implicit price of convenience in the retail market for breakfast sausage products. The 45‐cent per pound premium for cooked breakfast sausage was found to be statistically significant while controlling for other important observable product attributes such as package weight, product shape, fat content, sodium content, organic label, Kosher label, meat type, and brand, as well as market conditions such as merchandising, holidays, and seasonality. Additionally, the Turnbull lower‐bound estimate of consumer willingness‐to‐pay for convenience was estimated to be 11 cents per pound. [EconLit citations: D120, M310, Q130] ©2010 Wiley Periodicals, Inc.
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:31:y:2015:i:2:p:281-292
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