Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers

dc.contributor.author Buhr, Brian
dc.contributor.author Hayes, Dermot
dc.contributor.author Hayes, Dermot
dc.contributor.author Shogren, Jason
dc.contributor.author Kliebenstein, James
dc.contributor.department Economics
dc.date 2018-02-13T08:10:46.000
dc.date.accessioned 2020-06-30T02:07:37Z
dc.date.available 2020-06-30T02:07:37Z
dc.date.copyright Fri Jan 01 00:00:00 UTC 1993
dc.date.embargo 2013-04-01
dc.date.issued 1993-12-01
dc.description.abstract <p>A split-valuation method is developed and implemented to elicit the willingness to pay to consume-or avoid consuming-a product of ambiguous quality. The split-valuation method uses experimental auction markets to separate and value the positive and negative attributes of the ambiguous good. The results show that the method can be used to successfully value a good of ambiguous quality. Our application reveals that for a sample of students at a midwestern land-grant institution, the average respondent is willing to pay a premium for meat produced with the use of a genetically engineered growth enhancer that has 30% to 60% fewer calories and is 10% to 20% leaner.</p>
dc.description.comments <p>This article is from <em>Journal of Agricultural and Resource Economics </em>18, no. 2 (1993): 175–1843.</p>
dc.format.mimetype application/pdf
dc.identifier archive/lib.dr.iastate.edu/econ_las_pubs/5/
dc.identifier.articleid 1010
dc.identifier.contextkey 3979282
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath econ_las_pubs/5
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/21721
dc.language.iso en
dc.source.bitstream archive/lib.dr.iastate.edu/econ_las_pubs/5/18020175.pdf|||Sat Jan 15 00:31:27 UTC 2022
dc.subject.disciplines Agribusiness
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Economics
dc.subject.keywords ambiguity
dc.subject.keywords experimental economics
dc.subject.keywords growth hormones
dc.subject.keywords valuation
dc.subject.keywords Vickrey auction
dc.title Valuing Ambiguity: The Case of Genetically Engineered Growth Enhancers
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isAuthorOfPublication 5150ce51-74b1-46ee-b100-34d2536463bb
relation.isOrgUnitOfPublication 4c5aa914-a84a-4951-ab5f-3f60f4b65b3d
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