Journal : American Journal of Agricultural Economics , vol. 88 , p. 1050–1061–12 , 2006
Publisher : Oxford University Press
International Standard Numbers
Printed : 0002-9092
Electronic : 1467-8276
Publication type : Academic article
Issue : 4
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In most retail markets, sellers post the price and consumers choose which products to buy. We designed an experimental market with posted prices to investigate consumers' willingness to pay for the color of salmon. Salmon fillets varying in color and price were displayed in twenty choice scenarios. In each scenario, the participants chose which of two salmon fillets they wanted to buy. To induce real economic incentives, each participant drew one binding scenario; the participants then had to buy the salmon fillet they had chosen in their binding scenario. The choice data were analyzed with a mixed logit model.