Consumers' Preferences and Willingness to Pay for Ground Bison

Bashir A. Qasmi, Scott Fausti and Keith R. Underwood

No 225645, Economics Research Papers from South Dakota State University, Department of Economics

Abstract: A consumer sensory panel study in conjunction with consumers’ willingness to pay experiment for 93% ground bison, 93% ground beef, and 80% ground beef was conducted in Sioux Falls, SD. The average, bid for 93% ground bison was $0.38 per lb. higher than the average bid for 80% ground beef. On an average, bids for 93% ground bison were lower than the bids for 93% ground beef by $0.28 per lb. Providing nutrition information significantly increased panelists’ bids for both 93% ground bison and 93% ground beef. On an average, bids for 93% ground bison, and 93% ground beef, by the panelists with nutrition information were higher as compared to the panelists in the control group by $1.23 and $0.47 per lb., respectively. Highly significant factors impacting the premium for 93% ground bison are the availability of nutrition information, ability to identify bison, and presence of 7-18 years old children in the household. Our analysis demonstrates that informing the potential bison consumers of bison nutrition have potentially a large pay off. The analysis also shows that the 93% ground bison is competing with 93% ground beef, and the factors which impacting 93% ground bison and 93% ground beef are more or less similar.

Keywords: Agribusiness; Demand and Price Analysis (search for similar items in EconPapers)
Pages: 52
Date: 2015-11
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Persistent link: https://EconPapers.repec.org/RePEc:ags:sdsurp:225645

DOI: 10.22004/ag.econ.225645

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