In-store valuation of steak tenderness
John Fox (),
Jayson Lusk (),
James Mintert () and
Framed Field Experiments from The Field Experiments Website
Experimental methods were used to examine consumer willingness-to-pay for steak tenderness in a grocery store setting. When relying on a taste test alone to determine product quality, the participants paid an average premium of $1.23/lb for a tender versus tough steak. Fifty-one percent of the participants were willing to pay an average of $1.84/lb when they had completed a taste test and were also provided information about the steak's tenderness. Results indicate that most consumers prefer more tender steaks and that many are willing to pay a premium for tender steaks.
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Journal Article: In-Store Valuation of Steak Tenderness (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:feb:framed:00186
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