Consumers' Preferences and Willingness to Pay for Ground Bison

Bashir A. Qasmi, Scott W. Fausti, Keith R. Underwood

Research output: Contribution to journalArticlepeer-review

Abstract

A consumer sensory panel study in conjunction with consumers’ willingness to pay experiment for 93%
ground bison, 93% ground beef, and 80% ground beef was conducted in Sioux Falls, SD. The average,
bid for 93% ground bison was $0.38 per lb. higher than the average bid for 80% ground beef. On an
average, bids for 93% ground bison were lower than the bids for 93% ground beef by $0.28 per lb.
providing nutrition information significantly increased panelists’ bids for both 93% ground bison and
93% ground beef. On an average, bids for 93% ground bison, and 93% ground beef, by the panelists with
nutrition information were higher as compared to the panelists in the control group by $1.23 and $0.47
per lb., respectively. Highly significant factors impacting the premium for 93% ground bison are the
availability of nutrition information, ability to identify bison, and presence of 7-18 years old children in
the household. Our analysis demonstrates that informing the potential bison consumers of bison nutrition
have potentially a large pay off. The analysis also shows that the 93% ground bison is competing with
93% ground beef, and the factors which impacting 93% ground bison and 93% ground beef are more or
less similar.
Original languageAmerican English
JournalEconomics Research Report No 2015-2
StatePublished - Nov 2015
Externally publishedYes

Keywords

  • bison
  • consumer preferences
  • willingness to pay
  • experimental auctions

Disciplines

  • Economics
  • Business
  • Marketing

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