The Willingness-to-Pay Price for Makgeolli Made of Domestic Rice
2011
Yang, S.B., Yuhan College, Bucheon, Republic of Korea | Yang, S.R., Korea University, Seoul, Republic of Korea
The objective of this study is to determine the WTP(Willingness-to-Pay) price for makgeolli made of domestic rice and to estimate the relative importance and the economic value on five attributes of makgeolli. The attributes include that price, origin of the rice, materials, process and differentiated ingredients. As for the origin of rice, the domestically produced rice receives higher preference than the imported one. The MWTP for the domestic rice makgeolli is 1,708 Won by choice experiment and 508 Won by hedonic price model. The results of this study show that the origin of the rice is more highly appreciated than the manufacturing methods or special ingredients which accounts for the biggest parts in the label of makgeolli.
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