Abstract
AbstractThis study illustrates an application of experimental auction methods, using both experimental economics and experimental design, to evaluate consumer perceptions and willingness to pay (WTP) for fresh pork chops. We test and reject hypotheses that (a) market prices and consumers' WTP are unaffected by the level of attributes embodied in the pork chops, (b) appearance (based on photographs or actual product) and actual taste are equally good sources of consumer information, and (c) consumers are consistent in their preferences for fresh pork attributes. A major conclusion is that predicting consumer demand for fresh pork (or any fresh food) based on appearance without tasting is unproductive.
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