Download or read book Does Experience Overcome Perception Bias for Consumers of Grass-finished Beef? written by Yunkyung Lee and published by . This book was released on 2014 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research focuses on estimating the shift in consumer willingness to pay (WTP) a price premium/discount for Native warm season grass-fed beef and for Bermuda grass-fed beef, an exotic species to the U.S. We utilized sensory analysis and the Becker-Degroot-Marschak (BDM) mechanism to elicit consumers' preference for four different types of beef to determine how the premiums/discounts consumers place on these differentiated products change across information regimes: perception, experience, and complete information. Subjects participated in the BDM mechanism three times to determine their WTP: once after observing the raw packaged product with standard labeling information, once after a blind taste sample of the products, and once after complete information has been provided that links the raw packaged product to the blind taste sample. Results revealed strong preferences for NWSG-fed beef regardless of finishing methods, and positive impacts of the sensory results and label information on grass-finished beef steaks.