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- Title
Estimating the Optimal Premium Rates for Credential Food Attributes: A Case Study in the Northeast United States.
- Authors
Minghao Li; Qingbin Wang; Kolodinsky, Jane
- Abstract
Using data from the 2010 Taste of Place survey conducted in Vermont and three metropolitan areas in the northeast United States, this study examines consumer willingness to pay (WTP), estimates price elasticity, and calculates the optimal premium rates for selected credence food attributes. The empirical results indicate that respondents' WTP varies significantly across attributes and is closely associated with certain demographic factors. The estimated optimal premium rates and estimation procedures presented in this paper can help producers and retailers identify the optimal premium rates for each attribute in association with geographical or socioeconomic segments of consumers.
- Subjects
WILLINGNESS to pay; ELASTICITY (Economics); FOOD prices research; CONSUMER behavior research; ORGANIC foods; ESTIMATION theory
- Publication
Journal of Food Distribution Research, 2012, Vol 43, Issue 2, p51
- ISSN
0047-245X
- Publication type
Article