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The aim is to assess consumers' willingness to pay for different types of U.S. beef compared to other beef alternatives.

European Consumers' Willingness to Pay for U.S. Beef in Experimental Auction Markets

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The aim is to assess consumers' willingness to pay for different types of U.S. beef compared to other beef alternatives.
Conducted four simultaneous second-price auctions
Evaluated preferences for Irish, Norwegian, U.S. hormone-free, and U.S. hormone-treated beef
Collected data on bid amounts to determine willingness to pay distribution
Most participants preferred domestic beef over imported beef
Half of the participants preferred Irish beef over U.S. hormone-free beef
Hormone-treated beef had the lowest mean bid, yet 28% of participants preferred it to U.S. hormone-free beef

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Experimental auction markets evaluate consumers' preferences and payment willingness for U.S. beef, indicating market dynamics.

Alfnes et al. (2003) studied this question.

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