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Consumer Willingness to Pay for Tennessee Certified Beef

Meagan Merritt, Karen Lewis, Andrew Griffith and Kimberly Jensen
Authors registered in the RePEc Author Service: Karen Lewis DeLong

No 252674, 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama from Southern Agricultural Economics Association

Abstract: Beef producers in Tennessee have expressed interest in the creation of an in-state certified beef program. Therefore, an online choice experiment was conducted to evaluate Tennessee consumer preferences and willingness to pay (WTP) for Tennessee Certified Beef and other beef attributes that are likely to appear on Tennessee beef. Tennessee Certified Beef is defined as beef originating from animals born, raised, finished, and harvested in Tennessee. Results of two treatments, a Control Treatment in which consumers were not given the attribute definitions, and an Information Treatment in which consumers were given the attribute definitions, were compared for both steak and ground beef. Data was analyzed using a random parameters logit model. Results of both treatments indicate steak consumers valued Tennessee Certified Beef more highly than all other individual attributes including Certified Angus Beef, grass fed, no hormones administered, and Master Quality Raised Beef. Results for ground beef showed consumers most highly valued the attributes no hormones administered and Tennessee Certified Beef. Results suggest that Tennessee beef consumers would be willing to pay a premium for Tennessee branded beef.

Keywords: Consumer/Household Economics; Demand and Price Analysis; Marketing (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-dcm and nep-mkt
Date: 2017-02
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