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KCI등재 학술저널

Implicit Values of Functional Attributes in Fluid Milk Products: Hedonic Analysis of Korean Fluid Milk Market

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Competition in the Korean milk market is being intensified with the emergence of a variety of product-differentiated milk. The purpose of this study is to measure implicit values of functional attributes of fluid milk products in Korea, which is a representative example of product differentiation. Hedonic price analysis and households’ milk purchase data were employed for this study. Our findings suggest that Korean consumers have a high value for lactose-free property (25.4% price premium) over conventional milk. This reflects the fact that many Korean adults have lactose intolerance and the lactose-free properties can help digest milk without negative symptoms. In addition, the estimated price premium for the calcium-fortified attribute was positive but a little higher over the base case at 2.4% level. In the case of vitamin fortification, it was found to have a negative value (-34.6%). Our results are expected to be useful for the milk industry to make decisions about the investment, production, or pricing strategy.

Ⅰ. Introduction

Ⅱ. Data

Ⅲ. Hedonic Price Method

Ⅳ. Empirical Specification

Ⅴ. Results

Ⅵ. Conclusion and Remarks

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