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on Marketing |
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Issue of 2015‒08‒07
forty papers chosen by João Carlos Correia Leitão Universidade da Beira Interior |
| By: | Mattas, Konstadinos; Tsakiridou, Efthimia; Theodoridou, Glykeria |
| Keywords: | GIs, Consumer Behaviour, TTIP, IPRs, Agribusiness, Consumer/Household Economics, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2015–04 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa145:206462&r=mkt |
| By: | Richards, Timothy J.; Hamilton, Stephen F.; Empen, Janine |
| Abstract: | Online shopping is common in many categories of retail goods. The recent trend towards online retailing has created an unprecedented empirical opportunity to examine consumer search behavior using click stream data. In this paper we examine consumer search intensity across a wide range of grocery products that differ in the depth of product assortment. We develop a model of attribute search in which consumers search within a chosen retailer for products that match their tastes, and that equilibrium prices reflect retailers' expectations of how intensively consumers intend to shop. The model predicts an inverse relationship between product variety and attribute search in which greater product variety reduces search intensity and leads to higher retail prices. We test these hypotheses using consumer data on online search and purchase behavior from the comScore Web Behavior Panel. Our results indicate that consumer's search less and pay higher retail prices in categories with deeper product assortments, a finding that suggests deeper product assortments can produce anti-competitive effects in retail food markets mediated through equilibrium responses in consumer search. |
| Keywords: | consumer search, variety, retail prices, attribute search, market power, Consumer/Household Economics, Demand and Price Analysis, Industrial Organization, Marketing, D12, D83, L13, L81, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:202968&r=mkt |
| By: | Acquah, Sarah; Petrolia, Daniel |
| Abstract: | Using a choice experiment this study found that raw oyster consumers are more likely to buy oysters harvested from their region over those harvested outside the region. Consumers are more likely to buy wild-caught oysters over cultivated oysters. Non-Gulf consumers are more likely to buy medium or large size oysters over small size. |
| Keywords: | branding, choice experiment, marketing, oyster attributes, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162449&r=mkt |
| By: | Chen, Maolong; Ortega, David. L; Wang, H.Holly |
| Abstract: | Economic globalization has opened up international markets for U.S. food products, especially new markets in emerging economies. While opportunities for increased demand for U.S. pork in China look promising, little is known about this emerging market. The objective of this study is to provide a thorough analysis of Chinese consumer’s perception and attitudes towards multiple pork attributes along with an evaluation of the potential for U.S. pork in China. To achieve this goal, an empirical model is constructed to identify the relationship between Chinese consumer’s pork quality perception and their attitudes towards various pork characteristics, including search, experience, and credence attributes. A system of equations is used to identify differences in consumers’ valuation of pork quality from different countries. The model is applied to survey data from consumers in three major cities in mainland China and Hong Kong, and is estimated using a seemingly unrelated regression estimation method. Our results indicate that food safety is the most important criterion of food quality for both mainland and Hong Kong consumers. The main difference is that, for mainland consumers, food safety is equally important when evaluating domestic and imported pork quality; but Hong Kong consumers are more concerned about food safety issues of domestic pork. Furthermore, we assess the effects of patriotism on consumer perception of food quality and find that they negatively impact mainland consumer’s view of pork from the U.S. Food marketing and agribusiness implications of our findings are discussed. |
| Keywords: | China, emerging markets, pork, consumer perceptions, patriotism, Agribusiness, Food Consumption/Nutrition/Food Safety, International Relations/Trade, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205328&r=mkt |
| By: | House, Lisa A.; Jiang, Yuan; Salois, Matthew |
| Keywords: | Consumer/Household Economics, Marketing, |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aajs14:169776&r=mkt |
| By: | Deng, Xueting; Woods, Timothy |
| Abstract: | This study explores wine expenditure driven factors for consumers in the United States by employing a four-state consumer behaviors study. A market segmentation method is applied to investigate spending patterns of wine consumers in Pennsylvania, Ohio, Kentucky, and Tennessee. Determinants including market segmentation measurements, lifestyle factors and demographic variables are investigated and compared for their significance in driving local wine expenditure, local wine purchase probability, and local wine to total wine expenditure ratio. This study also recommends market strategic insights for wine business stakeholders. |
| Keywords: | local wine, market segmentation, wine expenditure, Agribusiness, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, Marketing, Q1, M3, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162594&r=mkt |
| By: | He, Chenyi; Gao, Zhifeng |
| Keywords: | Agribusiness, Marketing, |
| Date: | 2015–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205807&r=mkt |
| By: | Canavari, Maurizio; Wongprawmas, Rungsaran; Pappalardo, Gioacchino; Pecorino, Biagio |
| Abstract: | A non-hypothetical open-ended choice experiment (OECE) with multi-unit value elicitation formats was conducted to elicit Italian consumer willingness-to-pay (WTP) and demand for wheat-derived products (flour, pasta and bread) that were produced by adopting ecological friendly post-harvest technique (High Heat-Treated, HHT). A sample of 270 Italian consumers were surveyed in Bologna, Catania and Palermo in June 2014. Data were analyzed using double hurdle models. Consumers’ WTP and demand schedule for HHT products were estimated. Results suggest Italian consumers are willing to pay premium prices for HHT flour and HHT pasta, while they are available to pay about the same price or less for HHT packed bread compared to conventional packed bread. Price, location, perception of green consumption and frequency of consumption significantly affect both consumers’ participation and consumption decisions. We conclude by discussing the implications of our findings for industry operators and marketers. |
| Keywords: | Open-ended choice experiment, demand schedule, willingness-to-pay, eco-friendly product, Agribusiness, Consumer/Household Economics, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205204&r=mkt |
| By: | Yan, Yiwei; Ames, Glenn C.W.; Colson, Gregory; Chen, Tinggui |
| Abstract: | This study analyzes Shanghai customers’ willingness to pay for safer Baby Cheese following a series of food safety incidents by a major Chinese manufacturer. Results from interval regressions of consumer survey responses indicate that consumers are willing to pay a premium of 36.80% for safer Baby Cheese. |
| Keywords: | Food Safety, Willingness to Pay, Interval Regression, Cheese, Agribusiness, Food Consumption/Nutrition/Food Safety, D12, Q13, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162497&r=mkt |
| By: | Li, Xiaogu; Jensen, Kimberly L.; Clark, Christopher D.; Lambert, Dayton M. |
| Abstract: | Consumers in the United States spend a large portion of their household food expenditure on beef, as some of them are willing to pay premium for beef products presented with high quality attributes, both taste and non-taste related. This study examines U.S. beef consumer preferences and willingness to pay for non-taste, "extrinsic" attributes that exhibit public benefits, and how they are affected by individual taste and scale heterogeneity. Effects of consumers' beliefs in the consequential effects of their beef choices are also investigated. Results may further understanding of U.S. consumers' perception and acceptance of extrinsic attributes in beef products and public issues such as food safety, climate change and animal welfare. |
| Keywords: | beef, extrinsic attributes, public goods, scale heterogeneity, consequentiality, Agricultural and Food Policy, Environmental Economics and Policy, Food Consumption/Nutrition/Food Safety, Q13, Q18, Q56, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:204908&r=mkt |
| By: | Salois, Matthew J.; Reilly, Amber |
| Abstract: | The purpose of this study is to investigate the effectiveness of generic advertising on purchase of 100% orange juice using an econometric model that controls for different socio-demographic variables. Recent research in marketing emphasizes the importance of the Millennial Parent in media consumption and buying habits. Thus, the study also aims to assess consumption patterns the success of generic advertising on this generational sub-group. Specifically the key objectives of this study are: 1) to determine if purchase frequency of 100% orange juice is positively influenced by generic advertising efforts; 2) to investigate the association of different socio-economic indicators on purchase frequency of 100% orange juice; and 3) to assess if the impact of ad awareness on purchase frequency of 100% orange juice among Millennial Parents. |
| Keywords: | generic advertising, orange juice, ordered choice, survey data, Consumer/Household Economics, Marketing, C25, D12, M31, M37, |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162592&r=mkt |
| By: | Armstrong, Mark |
| Abstract: | I survey the use of nonlinear pricing as a method of price discrimination, both with monopoly and oligopoly supply. Topics covered include an analysis of when it is profitable to offer quantity discounts and bundle discounts, connections between second- and third-degree price discrimination, the use of market demand functions to calculate nonlinear tariffs, the impact of consumers with bounded rationality, bundling arrangements between separate sellers, and the choice of prices for upgrades and add-on products. |
| Keywords: | Nonlinear pricing; price discrimination; bundling; multidimensional screening; oligopoly |
| JEL: | D21 D42 L13 L15 M31 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:65779&r=mkt |
| By: | Stranieri, S.; Baldi, L. |
| Abstract: | Shelf-life estimation has become increasingly important due to the growing consumer interest in fresh and safe food products and the European policy indications to consider it as a key issue for the sustainable management of food waste within the supply chains. To date, no legislation on the shelf life date of the most of food products exists. Several studies demonstrate that logistic management and the technology available in the fresh-cut sector would allow to extend the shelf life date of products without compromising their intrinsic quality attributes and to achieve a more sustainable production by a strong reduction of unsold stock. The aim of the study was to segment consumers on the basis of their attitude towards the extension of the shelf life date in the fresh-cut salad sector. On the basis of the clusters found, the paper discusses if the information concerning such technology is a useful tool to inform consumers on product characteristics or if it entails a risk of information overload. |
| Keywords: | shelf life date extension, fresh-cut sald, consumer, cluster analysis, Agribusiness, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi15:206215&r=mkt |
| By: | Diamond, Adam; Tropp, Debra; Barham, James; Frain, Michelle; Kiraly, Stacia; Cantrell, Patty |
| Abstract: | A new model of organization is beginning to pop up in the agribusiness sector that seeks to merge social mission objectives with core business operating principles. Known as food value chains, these business arrangements are distinguished by their commitment to transparency, collaborative business planning and exchange of market intelligence and business knowhow among chain partners, and their interest in developing business strategies and solutions that yield tangible benefits to each participant in the system. External factors that have contributed to the rise of food value chain enterprises in recent years include the growing segmentation of the consumer market, escalating demand for specialized, highly differentiated food products—even at higher price points—and the increasing appeal of food items that are produced in accordance with desired social or environmental welfare standards. The advent of low-cost communications technology has made possible new collaborative approaches to business management and oversight that operate according to a set of shared operational and ethical principles, founded on the idea of maintaining steady and open communication among all chain partners. As suppliers of highly differentiated—and highly sought after—food products, producers in food value chains typically have the opportunity to exert significant influence in price negotiations with buyers and retain a greater share of retail food spending than their counterparts in conventional supply chains. They also benefit from ongoing exposure to information about consumer purchasing habits and preferences from their downstream supply-chain partners. Meanwhile, aggregators and receivers in food value chains benefit from the provision of specialized products that can command higher prices in the marketplace and reduce their risk exposure through advance planning and price negotiations. The collaborative partnerships also provide natural opportunities to build on previous business successes by exploring and successfully executing innovative product launches and marketing strategies and evaluating opportunities for waste reduction and improvements in efficiency. This document is designed to provide guidance on how food value chains are initiated and structured, how they function, and the benefits they provide to participants, with the intent of encouraging their adoption where the opportunities for successful collaboration exist among organizations with compatible principles and complementary areas of expertise. It addresses which characteristics are desirable—and not—when seeking appropriate value-chain partners, and provides examples of how participation in a food value chain can be advantageous to all members. Special attention is devoted to exploring how values-based operating principles are defined and maintained in a food value chain and how these values are successfully communicated to buyers and to the public. The document also addresses the issue of shared leadership and succession-planning strategies within value-chain partnerships. |
| Keywords: | food hub, value chain, supply chain, logistics, social mission, Agribusiness, Marketing, |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uamsrr:176263&r=mkt |
| By: | Lee, Yoonsuk; Chang, JaeBong |
| Abstract: | The brand equity can be an important marketing strategy in seafood marketing industry. The effect of brand equity on unbreaded frozen products of shrimp, salmon and tilapia is measured through unit market share. The results indicate that brand equity of the selected seafood products scarcely exits. However, a noteworthy market share of store brands draws an important attention on a role of store brands in seafood markets. |
| Keywords: | Brand equity, market share, Agribusiness, Agricultural and Food Policy, Institutional and Behavioral Economics, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162455&r=mkt |
| By: | Yonezawa, Koichi; Richards, Timothy J. |
| Abstract: | In the consumer packaged goods (CPGs) industry, consumers base their purchase decisions in part on package size because different package sizes offer different levels of convenience. The heterogeneous preference for package size allows manufacturers to use package size as a competitive tool in order to raise margins in the face of higher production costs. By competing in package sizes, manufacturers may be able to soften the degree of price competition in the downstream market, and raise margins accordingly. In order to test this hypothesis, we develop a structural model of consumer demand, and manufacturers' joint decisions regarding package size and price applied to store-level scanner data for the ready-to-eat breakfast cereal category. While others have argued that manufacturers reduce package sizes as a means of raising unit-prices in a hidden way, we show that package size and price are strategic complements – downsizing causes competitors to lower their prices, which leads to further downsizing, and more price competition until a particularly undesirable equilibrium (from the manufacturers perspective) is reached. Our results suggest that package downsizing is not necessarily the best way to extract surplus from consumers as the existing literature would lead us to believe. |
| Keywords: | Differentiated products, discrete choice, package size, pricing, product design, Agribusiness, Demand and Price Analysis, Industrial Organization, Marketing, C35, L13, L66, M31, |
| Date: | 2015–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205287&r=mkt |
| By: | VLAEMINCK, Pieter; VRANKEN, Liesbet |
| Abstract: | Labeling schemes are used as a mechanism to inform consumers about products with both public and private characteristics. Consumers are increasingly interested in the ethical characteristics of food products and are willing to pay the premium for it. Nevertheless, market shares of ethically produced food products remain low. Not much research has been directed towards the question whether labels completely incorporate the ethical characteristics they stand for and are able to convey these values to consumers. Using two, partially incentive compatible, stated choice experiments in a natural consumer environment and chocolate as study object, we are able to compare consumers’ willingness to pay for a Fair Trade label and for the label’s underlying characteristics. Results show that dispersion exists between the value of a Fair Trade label and the actual values consumers attach to the underlying characteristics of Fair Trade. |
| Keywords: | Fair Trade, Chocolate, Willingness to pay, Label effectiveness, Attitude behavior, Agribusiness, Agricultural and Food Policy, Consumer/Household Economics, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, International Development, C9, D12, Q50, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:kucawp:206438&r=mkt |
| By: | Vickner, Steven S. |
| Keywords: | Agribusiness, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:206717&r=mkt |
| By: | Moritz Bosbach (Università di Napoli Federico II); Ornella Wanda Maietta (Università di Napoli Federico II and CSEF); Hannah Marquardt (Humboldt University Berlin, Germany) |
| Abstract: | This work examines several psychological mechanisms that motivate the purchase of domestic food products rather than foreign ones. A purposed-made survey was conducted in Germany, Italy and Serbia to investigate the influence of socio-demographic and national contexts on food consumption patterns. The interdisciplinary approach of the present study yields a comprehensive image of consumer preferences, including different perceptions of food standards and requirements. Food quality evaluation, consumer ethnocentrism, nationalism and openness to other cultures are defined, measured and then used to simultaneously explain the intention to purchase domestic food products. Our findings provide insights in the choices of different consumer groups at country level and show that accounting for individual and country characteristics is key to develop effective marketing and communication strategies as well as policy strategies within and across national boundaries. |
| Keywords: | consumer behavior, food culture, domestic purchase bias, country of origin, consumer ethnocentrism, food quality evaluation |
| JEL: | D12 Z1 Q13 C93 |
| Date: | 2015–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:409&r=mkt |
| By: | Klink, Jeanette; Nina, Langen |
| Abstract: | Recurring reports on animal husbandry conditions as well as the maltreatment of animals during transport to slaughterhouses in the last years increased public concerns about animal welfare conditions showing the need to act for all stakeholders throughout the meat supply chain (e.g. Bánáti, 2011). As a consequence animal wel-fare has become one of the priorities on the agenda of politicians (see the coalition agreement in 2013; CDU et al., 2013), consumer policy and protection agencies and is intensively discussed in the private sector as well as in academia. In Germany, in particular the ‘Initiative Tierwohl’ continuously gains in importance and in 2013 for the first time an EU animal welfare label was established. However, the increasing stated interest in animal welfare is not yet reflected by sales figures in the meat mar-ket. In literature different reasons addressing multiple levels of the topic are discussed for this discrepancy (e.g. Hartmann et al., 2014). One factor is the lack of a universally accepted definition and understanding of animal welfare due to its multidimensional character (Lagerkvist and Hess, 2014). Another reason is the potential so-cial desirability bias which occurs to different extent depending on the survey method used to elicit the prefer-ences of the actors. Therefore, the aim of the present study is to get deeper insights into first, consumers’ understanding of animal welfare by identifying the relevant aspects of animal welfare in consumers’ decision making process while pur-chasing meat. Second, we use two methods to assess the relevance of animal welfare issues for consumers when thinking about the purchase of meat to quantify the extent the different survey methods construct sur-vey results rather than elicit consumer preferences. For this purpose an online survey with N = 926 participants was conducted in July 2012. The investigated meat products were chicken and pork cutlet. Consumers’ preferences for different product attributes were meas-ured via a questionnaire as well as by an individualized Information Display Matrix (IDM). As to the first research question, the results indicate that with respect to animal welfare aspects the one of especially high relevance to consumers is animal husbandry conditions while e.g. slaughtering or feeding is of lower importance. The results also indicate that animal husbandry conditions are much more relevant for consumers when thinking about the purchase of chicken cutlet compared to pork cutlet. With regard to the second question survey results show that respondents’ preferences obtained via questionnaire and IDM deviate to a considerable extent regarding the attribute price. While participants stated in the questionnaire that price is of minor importance, the analysis based on the IDM displays clearly that price plays a paramount role in consum-ers’ meat information search process. Thus, we see evidence that the two survey methods are prone to suffer to a different degree from the social desirability bias. The results can help policy makers, manufacturers and retailers as well as NGOs in promoting and selling meat produced according to higher animal welfare standards. Successful promotion of such products is only possible if there is a good understanding of the animal welfare characteristics important to consumers. |
| Keywords: | Animal welfare, Information Display Matrix, meat supply chain, chicken and pork cutlet, Agribusiness, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi15:206246&r=mkt |
| By: | Lim, Kar Ho; Grebitus, Carola; Hu, Wuyang; Nayga, Rodolfo M. Jr. |
| Abstract: | The Marine Stewardship Council (MSC) certificate provides great promise as a market-based tool for sustainable fisheries but to succeed in the market a critical share of producers needs to participate in the program. Since consumers’ willingness to pay is a driver of producer participation, we conduct a consumer choice experiment to determine U.S. American consumers’ preferences and willingness to pay for MSC certification for canned tuna. We find that most U.S. American consumers are willing to pay for MSC-certified seafood. Also, results show that MSC certification might be especially advantageous for exporting producers from developing countries. Finally, our modeling allows us to determine complementary effects that MSC might have with other attributes. The results provide insights to stakeholders in the seafood industry on the effectiveness of MSC certification in championing sustainable fisheries. Recommendations based on willingness to pay for sustainable seafood labeled with MSC are provided. |
| Keywords: | Marine Stewardship Council, Sustainability, Willingness to Pay, Seafood, Agribusiness, Agricultural and Food Policy, Consumer/Household Economics, Environmental Economics and Policy, Marketing, Q11, Q13, Q18, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205634&r=mkt |
| By: | Leibtag, Ephraim |
| Keywords: | Agribusiness, Agricultural and Food Policy, Food Security and Poverty, Marketing, |
| Date: | 2015–02–19 |
| URL: | http://d.repec.org/n?u=RePEc:ags:usao14:204993&r=mkt |
| By: | Chen, Xuqi; Gao, Zhifeng; Swisher, Marilyn; House, Lisa A. |
| Abstract: | Concerns about environmental degeneration due to excessive use of chemical fertilizers and pesticides have grown as farmers have increased reliance on these chemicals to maintain or increase crop yields. Although there are a variety of governmental programs that encourage farmers to adopt practices using less fertilizers and pesticides, many growers continue using conventional production methods in part because the economic benefits of using more environmentally sensitive techniques remains unproven or elusive for farmers. Exploring consumer willingness to pay (WTP) for fresh produce carrying labels describing various environmental benefits is one important aspect in assessing the potential that growers will adopt environmentally sound production techniques. Given that sustainable production practices may have different environmental benefits, differentiating consumer WTP for specific benefits may provide critical information for developing more effective labels and help growers more appropriately label products produced with environmental friendly techniques. |
| Keywords: | Willingness to pay, Eco-label, Fresh produce, Environmentally friendly, Agribusiness, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, Marketing, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205655&r=mkt |
| By: | Barrowclough, Michael; Boys, Kathryn A.; Carpio, Carlos |
| Abstract: | Marketing methods play a vital role in the efficiency of any supply-chain relationship. The relationship between buyers and sellers in the agricultural sector is dynamic and complex. While livestock and grain markets in the U.S. are generally well studied, the price setting process, buyer-seller relationships, and factors which influence the type, duration, and timing of business relationships in the market for specialty crops (SC) are less well understood. This is particularly true in the case of buyer relationships with small-scale farms. A better understanding of the dynamic relationship between small-scale SC producers and buyers is essential in achieving efficient marketing outcomes. This issue is examined from the perspective of small-scale SC growers in Virginia (VA) and North Carolina (NC). Using a Choice Experiment (CE) approach, this study: (1) identifies key contract characteristics and buyer attributes which are valued by VA and NC small-scale SC producers; (2) quantifies tradeoffs VA and NC small-scale SC producers are willing to make between buyer attributes and contract characteristics when establishing a new contractual relationship; and (3) determines the factors influencing these tradeoffs. Mean willingness-to-pay (WTP) of contract attributes and individual-specific WTP estimates are recovered using a mixed-logit model. Using these individual-specific estimates, a random-effects model is then used to determine factors driving producer WTP. While expressing concerns about specific aspects of contracts, growers overall were found receptive to the idea of using contracts as a viable marketing channel alternative. Substantial heterogeneity is found to exist amongst growers in their attitudes towards the structural framework of produce contracts, suggesting that growers have competing marketing interests with varying preferences towards contract structure. All four non-price contract attributes are found to have significant WTP estimates at a 95% confidence interval or higher. A combination of producer demographics, farm operation characteristics, contract perceptions, and attribute processing strategies are shown to impact the overall WTP for the selected contract attributes. Additionally, growers’ preferences are found to be stable throughout the study. |
| Keywords: | Specialty Crops Marketing, Small-Scale Farm, Choice Experiment, Mixed Logit Model, Random Effects Model, Agribusiness, Agricultural and Food Policy, Farm Management, Q13, Q18, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205768&r=mkt |
| By: | Ricci, Elena Claire; Banterle, Alessandro |
| Abstract: | The interest for environmental sustainability is spreading at all levels: international and national government, firms, and consumers. At the same time, the role of consumers for tackling present global challenges is becoming more and more apparent. This work studies the role of individual characteristics – socio-demographic and personal concerns/beliefs – in determining environmentally-sustainable food choices in the context of Italy. Results are based on stated preferences collected via vis-a-vis interviews with 540 consumers in front of super and hypermarkets in Milan, Italy. Data are analysed by means of multilevel mixed-effects ordinal logistic regressions. Results indicate that the percentage of respondents that declare to buy products with a low environmental impact is about 44%, in line with Eurobarometer 2013 data for Italy. The analysis on the profile of these consumers suggests that socio-demographic conditions are less important than personal norms and values. In particular, income, household size and gender do not appear to be significant. Instead, more personal concerns/beliefs such as the concern for climate change and resource wastefulness, and the perceived effectiveness of own food consumption choices on the environment play an important role in influencing food choices. |
| Keywords: | Consumer Choices, Environmental Sustainability, Food labelling, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, D12, Q13, Q56, |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa143:206317&r=mkt |
| By: | Hoehn, John P. |
| Abstract: | The marginal retail value of coffee attributes are estimated for the U.S. marketHedonic implicit prices identify the marginal market values of alternative products and market strategies. Results indicate that Estate and Fair Trade designations detract, rather than add, value to coffees sold in U.S. retail markets. Organic certification offers no net value-added relative to natural production. Market premiums for origin labeling are limited to coffee exporting areas with long-standing reputations for high quality coffee. There are positive and economically significant rewards to flavor characteristics, roast type and recent innovations in single-serve packaging. Overall, the greatest value opportunity for coffee supplier is in the cup, not in ancillary, non-flavor characteristics. |
| Keywords: | hedonic, coffee, organic, market, attributes, Lancaster, country of origin, labeling, Agribusiness, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, International Development, Marketing, Research and Development/Tech Change/Emerging Technologies, Q11, Q13, Q17, Q21, |
| Date: | 2015–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:204904&r=mkt |
| By: | Evans, Nicole T.; Chan, Catherine; Yanagida, John; Miura, Tomoaki |
| Abstract: | The local palm oil market of Togo has been facing competitive imports. Examining consumer preferences for domestic versus imported palm oil will aid local farmers with a more marketable product. A conjoint choice experiment (CCE) was designed to discover consumer preferences. Three-hundred surveys were conducted over two weeks in Sokodé, Togo in June 2014. Latent class analysis results showed three distinctive classes of consumers. Class 1 (69%) consumers purchase palm oil once a week and have formal education. They prefer lower price and local palm oil for cooking sold at boutiques. Class 2 (28%) prefer local oil and Class 3 (3%) prefer imported oil. A site suitability analysis with ArcGIS revealed the best growing areas for the trees. The results will be presented to rural farmers in Togo in order to assist in the production of the best product for consumers, increasing local production and supporting the local economy. |
| Keywords: | Palm Oil, Togo, Consumer Preference, Conjoint Choice, Willingness-to-Pay, Agribusiness, Agricultural and Food Policy, Community/Rural/Urban Development, Environmental Economics and Policy, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, International Development, Land Economics/Use, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205378&r=mkt |
| By: | Pasirayi, Simba |
| Abstract: | Private brand growth in emerging markets has not kept pace with the growth in private brands elsewhere. For instance in Europe and North America, private brands now constitute an average of 35% of total retail market share, compared to emerging markets, where market shares vary between 1% and 8 %. This study, examines the possibility that variation in private brand performance between developed and emerging economies is due to manufacturers’ market power. In most emerging economies, national brand manufacturers tend to be the sole producers of private brands. This supply arrangement implies that they have inherent market power and can deter retailers from pursing aggressive private brand strategies. |
| Keywords: | Emerging markets, Private Label, South Africa, Manufacturer Market Power, Industrial Organization, Marketing, |
| Date: | 2015–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205302&r=mkt |
| By: | Gvillo, Rejeana; Dharmasena, Senarath; Capps, Oral, Jr. |
| Abstract: | A quadratic almost ideal demand system with polynomial distributed lags of advertising variable was estimated using data from multiple sources (years 2000-2011) to examine relationships among four milk types. Uncompensated own-price elasticities were negative while advertising elasticities were positive for reduced and skim milk types and negative for whole milk. |
| Keywords: | quadratic almost ideal demand system, polynomial distributed lag, fluid milk, advertising, Agricultural and Food Policy, Demand and Price Analysis, Marketing, C3, D1, M3, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:saea14:162265&r=mkt |
| By: | Katare, Bhagyashree |
| Abstract: | Using eye-tracking technology and experimental auctions, this paper evaluates the impact of information from various sources on consumers’ willingness to pay (WTP) for nano-packaged food products with varying shelf-lives. Information about the risks and benefits of nanotechnology in food processing from various sources was presented to consumers and consumers’ eyes were tracked and the time they spent on viewing the information was recorded. Double hurdle models estimation results show that the specific information about nanotechnology from various sources has a negative effect on the probability of consumer submitting positive bids for the nano-packaged products. Conditional on participants’ willingness to submit positive bids, general and specific information about nanotechnology had a positive effect on participants’ WTP for nano-packaged salads and apple sauce which are products with a relatively shorter shelf-life. The eye-tracking data in the analysis showed the proportion of the normalized time viewing the information from private industry significantly increased the WTP conditional on participants submitting a positive bid for apple sauce as compared with the proportion of normalized time viewing the information from environmental protection groups. |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:umapmt:162233&r=mkt |
| By: | Terlau, Wiltrud; Hirsch, Darya |
| Abstract: | Sustainable development needs sustainable production and sustainable consumption. During the last decades the encouragement of sustainable production has been the focus of research and policy makers under the implicit assumption that the observable increasing ‘green’ values of consumers would also entail a growing sustainable consumption. However, it has been found that the actual purchasing behaviour often deviates from ‘green’ attitudes. This phenomenon is called the attitude-behaviour gap. It is influenced by individual, social and situational factors. The main purchasing barriers for sustainable (organic) food are price, lack of immediate availability, sensory criteria, lack or overload of information as well as the low-involvement feature of food products in conjunction with well-established consumption routines, lack of transparency and trust towards labels and certifications. The last three barriers are mainly of a psychological nature. Especially the low-involvement feature of food products due to daily purchase routines and relatively low prices tends to result in fast, automatic and subconscious decisions based on a so-called human mental system 1, derived from Daniel Kahneman’s2 model in behavioural psychology. In contrast, the human mental system 2 is especially important for the transformations of individual behaviour towards a more sustainable consumption. Decisions based on the human mental system 2 are slow, logical, rational, conscious and arduous. This so-called dual action model also influences the reliability of responses in consumer surveys. It seems that the consumer behaviour is the most unstable and unpredictable part of the entire supply chain and requires special attention. Concrete measures to influence consumer behaviour towards sustainable consumption are highly complex. This paper presents a review of interdisciplinary research literature on the complexity of sustainable food consumption and an empirical analysis of selected countries worldwide. In a ‘best practice’ case study, it analyses the organic food sector in Denmark, especially in the 80ies and 90ies, where the market share rose to a leading position worldwide. The Danish example demonstrates that common efforts and a shared responsibility of consumers, business, interdisciplinary researchers, mass media and policy are needed. It takes pioneers of change who succeed in assembling a ‘critical mass’ willing to increase its ‘sustainable’ behaviour. Considering the strong psychological barriers of consumers and the continuing low market share of organic food, proactive policy measures would be conducive to foster the personal responsibility of the consumers and offer incentives towards a sustainable production. Also, further self-obligations of companies (Corporate Social Responsibility – CSR) as well as more transparency and simplification of reliable labels and certifications are needed to encourage the process towards a sustainable development. |
| Keywords: | Sustainable development, responsible consumer, homo oeconomicus, behavioural economics, interdisciplinarity, consumer decision models, attitude-behaviour-gap, organic food, asymmetric information, low-involvement products, consumer behaviour, ethical values, dual action model: mental system 1 and 2 (Kahneman), cognitive bias, cognitive dissonances, Danish Association of Organic Farming, nudges, change agents, proactive state, corporate social responsibility (CSR), Agribusiness, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi15:206233&r=mkt |
| By: | Barham, Jim; Delgado, Fidel |
| Abstract: | As part of USDA’s commitment to supporting the development and growth of food hubs, it often responds to inquiries from food hub planners and operators requesting technical assistance on food warehouse layout and design, facility management and operations, and physical volume capacities. In an effort to provide food hub stakeholders with on-the-ground examples of how food hubs manage distribution infrastructure, USDA worked with Tuscarora Organic Growers, an established producer cooperative in Pennsylvania, to document the stages of development of its aggregation and distribution warehouse. This document describes the cooperative’s solutions to warehouse layout, design, and function, and the associated costs of equipment and labor to gain the space capacity for handling certain amounts and types of product, with the hope that these insights will assist both new and expanding food hubs in making decisions about infrastructure investments. Background Tuscarora Organic Growers (TOG) is a producer-owned cooperative that aggregates, distributes, and markets USDA-certified organic fresh produce on behalf of its members to restaurants, retail outlets, farmers markets, and Community Supported Agriculture organizations (CSAs) in the metro areas of Baltimore, MD, and Washington, DC. TOG was started in 1988 in Hustontown, PA, by Jim Crawford, the owner of New Morning Farm, to take advantage of the growing demand from restaurants in the District of Columbia for locally grown and organic fresh produce. Since Crawford could not meet this demand on his own, he recruited farmers in his area to join him in establishing a producer cooperative. TOG has grown from three farmer members and a part-time manager in 1988 to 44 farmer members (about half of whom are Amish) with four full-time staff and 12 to18 part-time and seasonal employees. TOG also buys from about 20 non-members annually. The majority of the farmer members live within 50 miles of the facility, and the majority of buyers are within 150 miles of the facility. Markets and Sales TOG currently offers 1,200 stock keeping units (SKUs) of produce items to its customers. Half of its sales revenue is from restaurants and retailers, such as MOM’s organic markets, Whole Foods, and food retail cooperatives, with the remaining half being split evenly between institutional foodservice buyers, produce distributors, buying clubs, and TOG members (seven or eight TOG members buy produce regularly from the cooperative to sell at their farm stands, farm stores, or farmers markets). Seventy-five percent of TOG’s sales revenue goes back to the farmer members, with the remaining 25 percent being retained by the co-op to cover management expenses, such as production planning, storage, sales, and transportation costs. In 2013, TOG’s annual gross sales from products grown by TOG farmer members were $3.1 million; farmer members received approximately $2.3 million from the co-op. The organization also generated an additional $1 million in annual gross sales in 2013 from non-member farmers. Food Hub Services TOG carries out five primary food hub functions on behalf of its members and non-member suppliers: 1. Distribution and Marketing . TOG offers its members effective sales and delivery services to ensure they have access to a consistent and profitable market for their products. 2. Production Coordination. TOG management and farmer members negotiate an agreement in advance of planting to determine who will be growing certain products for the upcoming season based on market demand. There is no written contract—farmer members make a good-faith effort to meet their supply commitments, and TOG management makes a good-faith effort to sell their products on their behalf. 3. Quality Control. TOG members are responsible for packing products on their farms; TOG management inspects all products delivered by farmers to ensure they meet the quality standards expected by their buyers. TOG management retains the right to refuse any product from farmer members that does not meet the agreed-upon specifications. 4. Group purchasing. TOG purchases inputs such as boxes, packaging labels, pest control materials, fertilizer, and starter plants in bulk at a substantially lower cost than can be realized by individual farmers. 5. Knowledge sharing. Farmer members get together at least twice a year to share production and agriculture-related knowledge with each other. Distribution Logistics Since its inception, TOG has relied on its farmer members to sort and pack on-farm, using industry-standard boxes and farm-identifying labels provided at cost by TOG. With few exceptions, farmer members are also expected to deliver products to the co-op facility. Buyers of TOG’s products receive a price list and have the opportunity to submit orders twice a week; orders placed on Friday are delivered on the following Tuesday, and orders placed on Tuesday are delivered on the following Friday. TOG uses anywhere from one to four trucks on delivery days. The trucks are rented from Jim Crawford, founder and president of TOG Cooperative, who owns a fleet of six refrigerated straight trucks. Crawford rents his trucks to the cooperative at cost, which helps TOG save transportation expenses and enables Crawford to deploy his fleet of trucks and receive compensation when they are not needed for his own farm business. To use the trucks most efficiently, TOG also offers refrigerated freight service to those farmer members who produce perishable products like eggs and meat that are not sold through the cooperative. TOG also works regularly with a trucking company that maintains a warehouse in Jessup, MD, between Baltimore and Washington, and makes the final delivery to some of the TOG customers. This company handles about a third of TOG’s current deliveries. Food Hub Facility and Operations The TOG facility and its grounds are owned by the cooperative. They are next to Jim Crawford’s New Morning Farm in the rolling hills of Fulton County, PA. The topography of the facility site is severe. On the east side, the facility abuts the property line; on the west and north boundaries, the land drops off at a steep angle into the flood plain of a river. The facility is only approachable from the southeast, via a winding, part-gravel road 1.8 miles from a paved county road. Although the entry to the TOG facility is large enough to handle a conventional semi-truck and trailer, there is limited space for maneuvering trucks. The facility building itself is a wood-frame structure on a concrete slab that was built in phases over a 20-year period as needs changed and financing became available. The overall layout of the facility reflects its phased growth, during which rooms were added as needed. The facility still uses available space efficiently. The structure has six loading docks without shelters but with canopies over the overhead roll-up doors. From 1988 to 1991, TOG did not have a facility but used excess storage and trucking capacity from Jim Crawford’s farm. In 1992, when its membership had doubled, TOG decided to rent a facility about 8 miles from its present location. Due to limited staffing and the difficulty of providing adequate oversight of business operations from a distance, TOG management decided in 1993 to relocate the facility to the property adjacent to Jim Crawford’s farm. In 1993, TOG hired a new manager. At that time, six members, including Jim Crawford, invested about $7,000 to purchase a used refrigerated trailer and compressor that was incorporated into a shed built around it. The first phase included refrigerated storage, a loading area, and office space. Additional equipment and materials were either purchased or donated by members on an as-needed basis. The initial structure was a wood frame on a concrete slab totaling 1,133 square feet, with refrigeration capacity of 374 square feet (from the recycled refrigerated trailer). In 1994, TOG was officially incorporated as a producer cooperative with 14 farmer members. All of the members who had invested in the original structure were paid back with interest from co-op proceeds. Phase Two - 1998 In 1998, the co-op raised $50,000 from the community and customers to finance additions to its facility, which was used to construct the front part of the present facility. This phase of development included the addition of three loading docks, more office space, an additional walk-in cooler, and an enclosed staging area. The cooler was purchased used and was incorporated into the facility, thereby expanding cooler capacity of the facility to 969 square feet, a 160-percent increase. Phase Three - 2004 With an increase in market demand and more farmers joining the cooperative, TOG had expanded sufficiently to warrant additional investments in its facility. In 2004, the building size was effectively doubled with the inclusion of a second enclosed dock and two large coolers. The total refrigeration area was increased to 3,183 square feet, which tripled the available cold storage capacity and also provided the multi-temperature zones needed for optimal handling of a variety of produce items. The cooperative also installed three-phase electrical power to support its refrigeration equipment. |
| Keywords: | food hubs, market facility design, local food marketing, Marketing, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uamsts:198332&r=mkt |
| By: | Ma, Wanglin; Abdulai, Awudu |
| Abstract: | This study investigates the determinants of marketing contract choices and the related impact on farm net returns of apple farmers in China. We employ a two-stage selection correction approach (BFG) for the multinomial logit model. On the basis of the BFG estimation, we also use an endogenous switching regression model and a propensity score matching technique to estimate the causal effects of marketing contract choices on net returns. The empirical results reveal that written contracts increase apple Farmers’ net returns，while oral contracts exert an opposite impact. |
| Keywords: | Marketing Contracts, Multinomial Logit, Selectivity Correction, China, Agricultural and Food Policy, International Development, Marketing, C52, Q13, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:202719&r=mkt |
| By: | Liaukonyte, Jura; Streletskaya, Nadia; Kaiser, Harry M. |
| Abstract: | Consumer preferences for labeled products are often assumed to be exogenous to the presence of labels. However, the label itself (and not the information on the label) can be interpreted as a noisy warning signal. We measure the impact of “Contains” labels and additional information about the labeled ingredients, treating preferences for labeled characteristics as endogenous. We find that for organic food shoppers, the “Contains” label absent additional information serves as a noisy warning signal leading them to overestimate the riskiness of consuming the product. Provision of additional information mitigates the large negative signaling effect of the label |
| Keywords: | Demand Shifts and Rotations, Experimental Economics, Labeling, Signaling effect, Willingness-to-Pay, Agribusiness, Agricultural and Food Policy, Demand and Price Analysis, L13, C21, M31, Q13, Q18, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205386&r=mkt |
| By: | Boynton, Robert D.; Novakovic, Andrew M. |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Marketing, |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:ags:cudarb:186953&r=mkt |
| By: | Malone, Trey; Lusk, Jayson L. |
| Abstract: | Research in psychology suggests that, somewhat paradoxically, providing consumers more choice can reduce the likelihood of making a purchase, producing the so-called excessive choice effect (ECE). To the extent the ECE exists, firms have an incentive to alleviate the effect through a variety of consumer-focused institutions that lower search costs. This study determines the effectiveness of three consumer-focused institutions on the excessive choice effect in a field experiment focused on beer sales in a restaurant. We manipulate the number of options on the menu (6 vs. 12) in addition to the use of search cost lowering consumer-focused institutions (a control, a menu, a menu with a special prominently displayed, a menu with local options prominently highlighted, and a menu with beer advocate scores). Although we find that consumers tend to be more likely to order beer when presented 6 rather than 12 options, the differences are often not significant depending which data are used and how it is analyzed. Highlighting specials or listing beer rankings have an effect on consumer choices, and have the potential to decrease the excessive choice effect. The experiment also suggests including a special is the most effective way to increase sales of a product category, but not the specific product itself. |
| Keywords: | excessive choice, informal institutions, field experiment, craft beer, Institutional and Behavioral Economics, Marketing, C93 D03 D12 Q00 Q13, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205965&r=mkt |
| By: | Lewis, Karen E.; Grebitus, Carola; Colson, Greg; Hu, Wuyang |
| Abstract: | In the European Union (EU), country of origin labeling (COOL) became mandatory in 2002 in response to the United Kingdom’s bovine spongiform encephalopathy (BSE) crisis. Although the EU has enacted one of the most information rich COOL policies for beef globally, little research has focused on origin labeling in the EU. Therefore, we determined how German and British consumers’ food safety concerns moderated their willingness to pay (WTP) for foreign (country of origin labeled) beef. Additional attributes, such as hormone-free labeling, quality assurance seals and promotional gourmet labeling were also analyzed. Random parameter logit model results indicated that British and German consumers’ WTP for foreign beef is moderated by their specific food safety concerns. For example, as German consumers are increasingly concerned about BSE, their WTP for beef from Great Britain was most negative. When controlling for consumers’ food safety concern in general, British consumers had the lowest WTP for beef from France, and German consumers had the lowest WTP for beef from the U.S. German and British consumers’ had the highest WTP for hormone-free beef. These results are informational to the international trade of beef. |
| Keywords: | European Union, Beef, Food Safety, Country of Origin Labeling, Great Britain, Germany, Agribusiness, Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, International Relations/Trade, Livestock Production/Industries, Q13, Q18, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205301&r=mkt |
| By: | Xie, Yi; Grebitus, Carola; Davis, George C. |
| Abstract: | Recently FDA proposed a new Nutrition Facts panel. In this study, we analyze whether the proposed changes to the Nutrition Facts panel have the potential to increase consumers’ attention. In doing so, we account for involvement and familiarity as determinants of attention. In order to measure attention we conducted a laboratory experiment using eye tracking with two treatments testing differences in consumer attention towards the current and the proposed Nutrition Facts panel. Our findings highlight empirical evidence regarding the separate and joint effect of involvement with the Nutrition Facts panel and product familiarity on consumers’ visual attention. Our results suggest that the proposed new format of the Nutrition Facts panel has a significant positive effect on consumers’ attention. The proposed label leads low-involvement or less-familiar consumers to attend longer to the Nutrition Facts panel. Our findings are important for policy makers and the food industry more generally in providing critical information regarding the outcomes of a revision of the Nutrition Facts panel. |
| Keywords: | Nutrition Facts panel, visual attention, eye-tracking, Food Consumption/Nutrition/Food Safety, |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205683&r=mkt |
| By: | Vlaeminck, Pieter; Jiang, Ting; Vranken, Liesbet |
| Abstract: | Using an incentive compatible field experiment, we investigate whether consumer attitudes translate into more corresponding environmentally friendly behaviour when one of the substantial barriers towards environmental food sustainability, i.e. low effectiveness of information provision, is removed. We develop multi-criteria environmental information cards and test their effectiveness in delivering and communicating information through an on-line choice experiment. The environmental information card that was found to be most effective in communicating information is then used in an experimental market and appears to have the potential to effectively steer consumers towards more environmentally friendly food purchases. When consumers shop in the experimental market with the most effective environmental information card installed, switching behaviour towards more environmentally friendly food products is observed. In addition, effective environmental information cards have the ability to increase the overall environmental friendliness of consumers’ food baskets. These findings highlight the potential for policy makers to enlarge the environmentally friendly consumer segment through the provision of easy-to-interpret and standardized environmental information. |
| Keywords: | Food Experimental Economics, Field Experiment, Environmental Information Provision, Consumer Behaviour, Agricultural and Food Policy, Environmental Economics and Policy, Institutional and Behavioral Economics, C93, D12, Q18, Q56, Q57, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:kucawp:162425&r=mkt |
| By: | Ahn, Kyeongah; Kim, Sohyun; Choe, Youngchan |
| Abstract: | This study examined and suggested categories of convenience food affected by the concerns for health- seeking consumers. |
| Keywords: | convenience foods, health concern, convenience concerns, Agribusiness, |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea15:205904&r=mkt |