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Consumers' Preferences and Willingness to Pay for Ground Bison
| Content Provider | Semantic Scholar |
|---|---|
| Author | Qasmi, Bashir A. Fausti, Scott W. Underwood, Keith R. |
| Copyright Year | 2015 |
| Abstract | A consumer sensory panel study in conjunction with consumers’ willingness to pay experiment for 93% ground bison, 93% ground beef, and 80% ground beef was conducted in Sioux Falls, SD. The average, bid for 93% ground bison was $0.38 per lb. higher than the average bid for 80% ground beef. On an average, bids for 93% ground bison were lower than the bids for 93% ground beef by $0.28 per lb. Providing nutrition information significantly increased panelists’ bids for both 93% ground bison and 93% ground beef. On an average, bids for 93% ground bison, and 93% ground beef, by the panelists with nutrition information were higher as compared to the panelists in the control group by $1.23 and $0.47 per lb., respectively. Highly significant factors impacting the premium for 93% ground bison are the availability of nutrition information, ability to identify bison, and presence of 7-18 years old children in the household. Our analysis demonstrates that informing the potential bison consumers of bison nutrition have potentially a large pay off. The analysis also shows that the 93% ground bison is competing with 93% ground beef, and the factors which impacting 93% ground bison and 93% ground beef are more or less similar. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://ageconsearch.umn.edu/record/225645/files/Research%20Report%202015-2.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |