Analyzing behavioral factors of willingness to pay for sustainability

Abstract

Consumption of sustainably produced food enables consumers to contribute to greenhouse gas emission reduction. Using choice experiment data, this study analyzes the effect of socio-demographics and behavioral factors on consumers' willingness to pay (WTP) for sustainably produced beefsteak. Results show increased WTP for traceable beefsteak raised carbon-friendly and humanely. Behavioral factors, such as, lifestyle is affecting this WTP more than socio-demographics and psychographic characteristics. Findings highlight the importance of labeling standards and policies in promoting green consumer behavior targeting lifestyle characteristics.