Willingness to pay estimates informing agribusiness decision making: a cautionary tale-Reference-Cited by-同舟云学术

Willingness to pay estimates informing agribusiness decision making: a cautionary tale

Published:2018-09-18 Issue:7 Volume:21 Page:865-882
ISSN:1559-2448
Container-title:International Food and Agribusiness Management Review
language:en
Short-container-title:International Food and Agribusiness Management Review

Author:

Bir Courtney¹,Cummins Ann M.²,Widmar Nicole Olynk³,Wolf Christopher A.⁴

Affiliation:

1. PhD Candidate, Department of Agricultural Economics, Purdue University, 403 West State Street, Lafayette, IN 47909, USA.

2. Masters Student, Department of Agricultural Economics, Purdue University, 403 West State Street, Lafayette, IN 47909, USA.

3. Professor, Department of Agricultural Economics, Purdue University, 403 West State Street, Lafayette, IN 47909, USA.

4. Professor, Department of Agricultural, Food, and Resource Economics, Michigan State University, 446 W. Circle Dr., Rm 307, Justin S Morrill Hall of Agriculture, East Lansing, MI 48824-1039, USA.

Abstract

Multiple methods to improve reliability of results when using willingness-to-pay (WTP) to evaluate consumer preferences have been developed. This study compared methods of accounting for attribute non-attendance (ANA) in WTP for food product attributes. Both inferred and stated ANA were studied and estimates of WTP for pork chop and bacon attributes were compared. A larger number of significant differences were found between stated or inferred ANA corrected models than between corrected and uncorrected models. Significant correlations between inferred and stated ANA were not present and WTP estimates from correcting for inferred ANA (IANA) or stated ANA were statistically different from one another. Exploring WTP estimates across ANA corrected models is imperative for improving models to provide insight into consumer preferences. These insights can be used in making production decisions in order to meet consumer demands and inconsistent results can lead to conflicting business decisions.

Publisher

Wageningen Academic Publishers

Subject

General Medicine

Link

https://www.wageningenacademic.com/doi/pdf/10.22434/IFAMR2017.0115

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