When Bigger Isn't Better: Steak Size and Consumer Preferences
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The average cattle slaughter weight has increased more than 330 pounds over the past 40 years. With larger cattle have come larger steaks. In response, many retailers have begun offering thinner cuts to combat high total package prices. This article estimates consumer willingness to pay for beef steak dimensions using data from a national survey. Results imply that most consumers prefer thicker to thinner cuts steaks and that smaller surface areas are preferred to larger ones. Our estimates suggest that the forty-year increase in carcass weight has led to an $8.6 billion annual loss in consumer welfare resulting from changing steak size.