Consumers’ willingness-to-pay for convenient catfish products: Results from experimental auctions in Arkansas

Abstract

This study has examined consumers’ acceptance, preference, and willingness to pay (WTP) for five newly developed convenient (ready-to-cook) catfish products. The University of Arkansas at Pine Bluff, in collaboration with Texas State University and USDA Agricultural Research Services, New Orleans, has developed these products. We have collected data from 121 catfish consumers of Arkansas through 18 experimental auction sessions (Vickrey’s second-price auction). Participants evaluated the products’ sensory attributes (appearance, color, glossiness, and serving size). They elicited their WTP for each of the products through bid (quoted price) in separate sealed envelopes. Consumers’ acceptance of various product attributes was measured using a hedonic scale (Likert scale) and just about right (JAR) scale. We have measured consumers’ preferences for the products and their attributes through two-way internal preference mapping (Principal Component Analysis) and three-way internal preference mapping (Parallel Factor Analysis—PARAFAC). We have examined the role of consumers’ acceptance level for product attributes and the participants’ socioeconomic characteristics on their WTP using the Tobit model. The study revealed that the acceptance level for panko-breaded products was higher than marinated products. Consumers preferred breaded products to marinated products. The WTP for a product was higher with the higher acceptance ratings for product attributes, young participants, and African–American catfish consumers. There was a negative relation between the participants’ education level (dummy for bachelor’s degree holders) and their WTP. The study concluded that all the newly developed catfish products are likely to be successful as future seafood products in the market.