An Economic Valuation of the Attributes associated with Western Restaurant Choice
2017
Lee, B.O., Kangwon National University, Chuncheon, Republic of Korea | Yun, J.W., Rural Development Administration, Jeonju, Republic of Korea | Kim, H.N., Korea Environment Institute, Sejong, Republic of Korea
This study examines consumers' preference for western restaurants in order to enhance their competitiveness using choice experiment methods. Using the data gathered from the consumer survey, we analyze the economic impact of restaurant-related attributes such as freshness and quality of ingredients, cleanliness, food taste, and cost on the choice of western restaurants. Findings reveal that parameter estimates in the conditional logit model follow expected signs and all attributes have a positive impact on the restaurant choice. In addition, the marginal willingness to pay for each choice attribute appears to be substantial. Based on empirical findings, this paper provides valuable guidelines which would be of interest to western restaurant industries and policy makers tasked to improve their competitiveness as well as to revitalize the consumption of domestic agricultural products.
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