Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers

Brian L. Buhr, Dermot Hayes, Jason Shogren and James B. Kliebenstein

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: A split-valuation method is developed and implemented to elicit the willingness to pay to consume-or avoid consuming-a product of ambiguous quality. The split-valuation method uses experimental auction markets to separate and value the positive and negative attributes of the ambiguous good. The results show that the method can be used to successfully value a good of ambiguous quality. Our application reveals that for a sample of students at a midwestern land-grant institution, the average respondent is willing to pay a premium for meat produced with the use of a genetically engineered growth enhancer that has 30% to 60% fewer calories and is 10% to 20% leaner.

Date: 1993-12-01
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Related works:
Journal Article: VALUING AMBIGUITY: THE CASE OF GENETICALLY ENGINEERED GROWTH ENHANCERS (1993)
Working Paper: Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers (1993)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:199312010800001010

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