In‐Store Valuation of Steak Tenderness

Experimental methods were used to examine consumer willingness‐to‐pay for steak tenderness in a grocery store setting. When relying on a taste test alone to determine product quality, the participants paid an average premium of $‐1.23/lb for a tender versus tough steak. Fifty‐one percent of the participants were willing to pay an average of $‐1.84/lb when they had completed a taste test and were also provided information about the steak's tenderness. Results indicate that most consumers prefer more tender steaks and that many are willing to pay a premium for tender steaks.