Valuing traceability of imported beef in Korea: an experimental auction approach
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The major objective of this study is to estimate Korean food shoppers’ willingness to
pay (WTP) for imported beef with traceability. We use an experimental elicitation
method, the random nth price auction, to identify consumers’ valuation for traceable
imported beef. We also analyse the effect of different types of information on these
valuations. Results indicate that consumers are generally willing to pay a 39 per cent
premium for the traceable imported beef over similar beef without traceability. Results
also suggest that in contrast to the insignificant effect of positive information, negative
and two-sided information about traceability significantly reduces WTP.