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- Title
An experimental approach to valuing information.
- Authors
Klain, Tyler J.; Lusk, Jayson L.; Tonsor, Glynn T.; Schroeder, Ted C.
- Abstract
This article proposes a method to directly measure the value of information (VOI) conveyed in a label. Using data collected from a field experiment conducted in two grocery stores in Texas, we find the VOI contained in U.S. federally mandated country of origin labels for beef and pork is 36% lower using the new direct elicitation compared to the conventional approach. The mean value-of-origin information, in the context of our experiment, ranges from $0.016 to $1.08 per pound of steak/chop purchased, depending on the valuation method used and assumptions about labeling knowledge and average volume purchased per choice. The VOI is substantively influenced by ethnocentrism and meat consumption frequency.
- Subjects
COUNTRY of origin (Commerce); MEAT industry; BEEF industry; PORK industry; INTERNATIONAL trade; FOOD labeling; ETHNOCENTRISM
- Publication
Agricultural Economics, 2014, Vol 45, Issue 5, p635
- ISSN
0169-5150
- Publication type
Article
- DOI
10.1111/agec.12112