U.S. Consumers' Valuation of Quality Attributes in Beef Products

Abstract

A sample of U.S. consumers were surveyed in a choice based experiment in the Fall of 2005 and Spring 2006 to elicit Consumers' preferences for quality attributes in beef products. Based on the resulting data, a random coefficients logit model is estimated, and Consumers' willingness to pay for these quality attributes in beef products is obtained. The results indicate that consumers have strong valuation for traceability, grass-fed, and U.S. origin attributes in a standard rib-eye steak and are willing to pay a premium for these attributes.