Economics Research Institute Study Paper
Utah State University Department of Economics
This research used Vickrey auctions to generate willingness-to-pay (WTP) data for red meat traceability and related product characteristics using comparable experimental auctions in the US, Canada, the UK, and Japan. The results show that subjects are willing to pay a nontrivial premium for traceability, but the same subjects show even higher WTP for traceability-provided characteristics like additional meat safety and humane animal treatment guarantees. The implication is that producers might be able to implement traceable meat systems profitably by tailoring the verifiable characteristics of the product to consumer preferences.
Dickenson, David L. and Bailey, DeeVon, "Willingness-to-Pay For Information: Experimental Evidence on Red Meat Traceability For the US, Canada, the U.K., and Japan" (2006). Economic Research Institute Study Papers. Paper 323.