Consumer Preference for Sustainable Attributes in Plants: Evidence from Experimental Auctions
Benjamin Campbell (),
Jennifer Dennis and
Agribusiness, 2016, vol. 32, issue 2, 222-235
ABSTRACT Experimental auctions were employed to investigate U.S. and Canadian consumers’ willingness to pay for sustainable attributes in plants. The results show consumers are willing to pay a price premium for energy and water savings in plant production of $0.15 and $0.12, respectively. Consumers are only willing to pay $0.08 more for sustainably labeled product. Latent class segmentation analysis identifies three distinct consumer segments: Import‐Liking, Mainstream, and Eco‐local. Mainstream Consumers were the largest segment and willing to pay only modest premiums for eco‐friendly attributes. Eco‐local consumers comprised 14% of consumers and they were willing to pay the highest amount for the improved production methods and container types, while having the highest willing to pay for local and domestic products. [EconLit citations: D44, M31].
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:32:y:2016:i:2:p:222-235
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