U.S. consumers' willingness to pay for flavor and tenderness in steaks as determined with an experimental auction

In a study of beef quality, consumers tasted steak samples and participated in an experimental auction to determine their willingness to pay. Steaks differed in marbling, tenderness, country of origin, and aging method. Marbling and tenderness had statistically significant impacts on consumers'...

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Bibliographic Details
Published inJournal of Agricultural and Resource Economics Vol. 29; no. 3; pp. 501 - 516
Main Authors Feuz, D.M, Umberger, W.J, Calkins, C.R, Sitz, B
Format Journal Article
LanguageEnglish
Published Logan Western Agricultural Economics Association 01.12.2004
Edition1835
Subjects
Aging
Auction markets
Auctions
Beef
Bidding
Bids
Coefficients
Consumer research
Consumer/Household Economics
Consumers
country of origin
experimental auctions
Flavors
Marbling
Steak
tenderness
Variable coefficients
Willingness to pay
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Summary:In a study of beef quality, consumers tasted steak samples and participated in an experimental auction to determine their willingness to pay. Steaks differed in marbling, tenderness, country of origin, and aging method. Marbling and tenderness had statistically significant impacts on consumers' palatability ratings for steaks. Tenderness significantly impacted consumers'willingness-to-pay values. There appear to be threshold levels of marbling and tenderness, below which consumers discount steaks. Steaks from Australia were rated lower for overall acceptability, and bids were lower than for the U.S. steak samples. Dry-aging methods negatively impacted taste panel ratings and bids.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:1068-5502
2327-8285
DOI:10.22004/ag.econ.30913