Valuing traceability of imported beef in Korea: An experimental auction approach

Ji Yong Lee, Doo Bong Han, Rodolfo M. Nayga, Jr, Song Soo Lim

Research output: Contribution to journalArticle

42 Citations (Scopus)

Abstract

The major objective of this study is to estimate Korean food shoppers' willingness to pay (WTP) for imported beef with traceability. We use an experimental elicitation method, the random nth price auction, to identify consumers' valuation for traceable imported beef. We also analyse the effect of different types of information on these valuations. Results indicate that consumers are generally willing to pay a 39 per cent premium for the traceable imported beef over similar beef without traceability. Results also suggest that in contrast to the insignificant effect of positive information, negative and two-sided information about traceability significantly reduces WTP.

Original languageEnglish
Pages (from-to)360-373
Number of pages14
JournalAustralian Journal of Agricultural and Resource Economics
Volume55
Issue number3
DOIs
Publication statusPublished - 2011 Jul 1

Keywords

  • Beef
  • Experimental auction
  • Information effect
  • Traceability
  • Willingness to pay

ASJC Scopus subject areas

  • Agricultural and Biological Sciences (miscellaneous)
  • Economics and Econometrics

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