Analysis on the Economic Impacts of Livestock Grading on Hanwoo
2017
Jeon, S.G., Gyeongsang National University, Jinju, Republic of Korea | Huh, D., Korea Rural Economic Institute, Naju, Republic of Korea | Lee, D.S., Korea Rural Economic Institute, Naju, Republic of Korea | Ji, I.B., Korea Rural Economic Institute, Naju, Republic of Korea
This study analyzes the economic impacts of livestock grading system focusing on Hanwoo. The livestock grading system in Korea starts from 1992 and has developed and modified until now. The grading system was introduced to establish the standards for livestock products. It has increased the credibility of livestock products marketed in the domestic market among consumers, producers, and marketers. The grading system gives economic incentives to domestic Hanwoo farms for making high quality beef. Also, it increases domestic consumers' welfare because the consumers are able to buy what they want with their willingness to pay under credible grading system. The grading system makes the marketing channels transparent and the domestic livestock industry has progressed. According to the comparative simulation modelling analysis, the economic impact of the grading system is calculated as 134~1,024 billion won based on several assumptions. Although the current grading system has played an important role in domestic industry, it is still needed to improve consumers' satisfaction.
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