An experimental approach to valuing information
This article proposes a method to directly measure the value of information (VOI) conveyed in a label. Using data collected from a field experiment conducted in two grocery stores in Texas, we find the VOI contained in U.S. federally mandated country of origin labels for beef and pork is 36% lower using the new direct elicitation compared to the conventional approach. The mean value-of-origin information, in the context of our experiment, ranges from $0.016 to $1.08 per pound of steak/chop purchased, depending on the valuation method used and assumptions about labeling knowledge and average volume purchased per choice. The VOI is substantively influenced by ethnocentrism and meat consumption frequency.
Year of publication: |
2014
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Authors: | Klain, Tyler J. ; Lusk, Jayson L. ; Tonsor, Glynn T. ; Schroeder, Ted C. |
Published in: |
Agricultural Economics. - International Association of Agricultural Economists - IAAE, ISSN 0169-5150. - Vol. 45.2014, 5, p. 635-648
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Publisher: |
International Association of Agricultural Economists - IAAE |
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