An Analysis on Estimation of Willingness to Pay for the New Products of Citrus Tea Assessed by Korean Consumers
2015
Kang, H.J., Chonnam National University, Gwangju, Republic of Korea | Choi, J.H., Korea Rural Economic Institute(KREI), Naju, Republic of Korea | Lee, K.W., Sunchon National University, Suncheon, Republic of Korea
The purpose of this study is to analyze the economic value of the new products of citrus tea evaluated by Korean consumers, using contingent valuation method. This study estimates the prices of new products of citrus tea which consumers are willing to pay depending on the attributes of new products. The results reveal that the prices which consumers are willing to pay for new products might be within the price ranges of similar products currently on the market.
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