Consumer’s willingness to pay for safe pork with traceability: A study in Ho Chi Minh City
Keywords:
Willingness To Pay (WTP); awareness; consumers; Contingent Valuation Method (CVM); traceable pork
Abstract
This study was conducted to evaluate consumer awareness and willingness to pay for safe pork with traceability. The study used a convenient sample of 395 consumers in Ho Chi Minh City and employed a random evaluation method with the Double-Bounded Dichotomous Choice (DBDC) survey format. The results showed that consumers are highly concerned with pork traceability. Moreover, the Bivariate Probit regression results indicated that the willingness to pay for safe pork with traceability was 27.7% higher than pork without traceability. Given consumers’ relatively high willingness to pay, policies related to safe pork with traceability can be effectively implemented.
