Abstract
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.
Original language | English (US) |
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Pages (from-to) | 539-550 |
Number of pages | 12 |
Journal | American Journal of Agricultural Economics |
Volume | 83 |
Issue number | 3 |
DOIs | |
State | Published - 2001 |
Externally published | Yes |
Keywords
- Beef
- Consumer demand
- Experimental economics
- Field experiment
- Tenderness
- Willingness to pay
ASJC Scopus subject areas
- Agricultural and Biological Sciences (miscellaneous)
- Economics and Econometrics