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| Author: | Norwood, F.B. Lusk, J.L. |
| Title: | A calibrated auction-conjoint valuation method: valuing pork and eggs produced under differing animal welfare conditions |
| Journal: | Journal of Environmental Economics and Management
2011 : JUL, VOL. 62:1, p. 80-94 |
| Index terms: | auctions valuation consumers preferences estimation animal welfare |
| Freeterms: | willingness-to-pay |
| Language: | eng |
| Abstract: | This study develops a valuation method which consistently and systematically estimates people's preferences for complex multi-attribute goods by inextricably connecting auction bids with conjoint ratings. The advantage of the valuation approach is that it allows to estimate people's values for many potential goods, permits decomposing people's values for a good into its sub-components, and allows the study of preference heterogeneity with no distributional assumptions. The method is applied to an important and increasingly disputable topic: animal welfare. The method is used to estimate people's preferences for eggs and pork produced from various production systems. Data from experiments conducted in three U.S. locations (Chicago, IL; Dallas, TX; and Wilmington, NC) suggests that people are, on average, willing to pay $0.95 more for a dozen of aviary-raised eggs, pasture system vs. a cage system, and are willing to pay $2.02 more for two-pounds of pork chops raised in a pasture system instead of a crate system. |
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