Willingness-to-Pay for Sustainable Aquaculture Products: Evidence from Korean Red Seabream Aquaculture

Abstract

A New Ecological Paradigm scale was used as a measurement tool to determine consumer perception of the environment through the context of red seabream (Pagrus major) aquaculture and the use of copper-alloy nets. To identify the underlying dimension of consumer perception, exploratory factor analysis was conducted, which showed that consumer perception comprised two dimensions—nature and balance, and human dominance—yielding two indicators as independent variables for a contingent valuation method estimation. The estimation results indicate that demographic variables and one consumer perception variable (i.e., the human dominance indicator) are insignificant. However, the economic variable, one consumer perception variable (i.e., nature and balance), and seafood preference are significant. Finally, willingness-to-pay was estimated for sustainable aquaculture products by comparing the mean willingness-to-pay within New Ecological Paradigm-level groups.