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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| Published in | Journal of Agricultural and Resource Economics Vol. 29; no. 3; pp. 501 - 516 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
Logan
Western Agricultural Economics Association
01.12.2004
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| Edition | 1835 |
| Subjects | |
| Online Access | Get full text |
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| Abstract | 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. |
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| AbstractList | 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. |
| Author | Feuz, D.M Umberger, W.J Sitz, B Calkins, C.R |
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| DOI | 10.22004/ag.econ.30913 |
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| SubjectTerms | 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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| Title | U.S. consumers' willingness to pay for flavor and tenderness in steaks as determined with an experimental auction |
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