Identification of Consumer Segments and Its Implication on the Willingness-to-Pay Distribution: The Case of Demand for Non-Genetically Modified Vegetable Oil in the United States
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This paper illustrates the importance of consumer segments for the estimation of the distribution of sample willingness to pay. We find evidence that those who prefer non-GM have a different marginal utility of income and that naïve pooling of consumer segments may yield a misleading recommendation for both agribusinesses and policy makers.