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2003•AgEcon Search (University of Minnesota, USA)Open access

CONSUMERS' WILLINGNESS TO PAY FOR ECO-CERTIFIED WOOD PRODUCTS

Kimberly L. Jensen, Paul M. Jakus, Jensen, Kimberly L., Jakus, Paul M.

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Abstract

We use Kriström's simple spike model to assess the factors influencing consumers' willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive "premium" for environmentally certified wood products. For three types of wood products (a $29 shelf, a $200 chair, and a $800 table) we find the estimated market premiums to be 12.9%, 8.5%, and 2.8%, respectively.

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We use Kriström's simple spike model to assess the factors influencing consumers' willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive "premium" for environmentally certified wood products. For three types of wood products (a $29 shelf, a $200 chair, and a $800 table) we find the estimated market premiums to be 12.9%, 8.5%, and 2.8%, respectively.

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Available abstract

We use Kriström's simple spike model to assess the factors influencing consumers' willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive "premium" for environmentally certified wood products. For three types of wood products (a $29 shelf, a $200 chair, and a $800 table) we find the estimated market premiums to be 12.9%, 8.5%, and 2.8%, respectively.

Key concepts: Willingness to pay, Certification, Price premium, Business, Certified wood, Marketing, Agricultural science, Agricultural economics

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