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Meat Demand under Rational Habit Persistence

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Abstract:

The objective of this paper is to explore the theoretical implications of a meat demand model with rational habit formation. The impact of food safety information on meat consumption is systematically analyzed. Important differences between myopic habits and rational habits are underscored. Both the adjustment path to the new equilibrium and new level of consumption are affected by consumers' perceptions of changes in meat quality. The analysis has implications for empirical demand estimation by incorporating consumers' expectations and use of event dummy variables rather than index measures of food safety.

Le présent article vise à explorer les implications théoriques d'un modèle de demande de viande avec formation d'habitudes rationnelles. Les répercussions de l'information concernant la sécurité alimentaire sur la consommation de viande ont été systématiquement analysées. Les différences importantes entre les habitudes rationnelles et les habitudes myopes ont été soulignées. Le chemin de rajustement du nouvel équilibre et du nouveau degré de consommation est affecté par la façon dont les consommateurs perçoivent les changements dans la qualité de la viande. L'analyse a des implications pour l'estimation empirique de la demande en raison de l'intégration des attentes des consommateurs et de l'utilisation de variables fictives plutôt que de mesures indicielles de la sécurité alimentaire.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/j.1744-7976.2006.00062.x

Affiliations: 1: Research Economist, RTI International, RTP, North Carolina 27709-2194 (phone: 919-541-7023; )., Fax: 919-541-6683, Email: czhen@ncsu.edu 2: William Neal Reynolds Distinguished Professor, Department of Agricultural and Resource Economics, North Carolina State University, Raleigh, North Carolina 27695-8109 (phone: 919-515-4673; )., Fax: 919-515-6268, Email: michael_wohlgenant@ncsu.edu

Publication date: December 1, 2006

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