Identification of Consumer Segments and Its Implication on the Willingness-to-Pay Distribution: The Case of Demand for Non-Genetically Modified Vegetable Oil in the United States
This paper illustrates the importance of consumer segments for the estimation of the distribution of sample willingness to pay. We find evidence that those who prefer non-GM have a different marginal utility of income and that naïve pooling of consumer segments may yield a misleading recommendation for both agribusinesses and policy makers.
Details
Title
Identification of Consumer Segments and Its Implication on the Willingness-to-Pay Distribution: The Case of Demand for Non-Genetically Modified Vegetable Oil in the United States
