Valuing Information: The Case of Country of Origin Labeling

Résumé

This paper proposes a method to directly measure the value of information and compares it to the more conventional approach requiring the explicit specification of a utility function. Using data collected from a field experiment conducted in two grocery stores, we find that the calculated value of information contained in federally-mandated country of origin labels for beef and pork is 40% lower using the direct elicitation method as compared to the conventional approach. Overall, our estimates suggest that the mean value of origin information ranges from $0.08 to $1.18 per pound of steak/chop purchased depending on the valuation method used and assumptions about labeling knowledge and average volume purchased per choice. The value of information was substantively influenced by ethnocentrism and meat consumption frequency

Mots-clés

Référence

Jayson L. Lusk, Tyler J. Klain, Ted C. Schroeder et Glynn T. Tonsor, « Valuing Information: The Case of Country of Origin Labeling », Quality Labels in Agrofood Industry, Toulouse, France, 15–16 décembre 2011.