In-store valuation of steak tenderness

Experimental methods were used to examine consumer willingness-to-pay for s teak tenderness in a grocery store setting. When relying on a taste test al one to determine product quality, the participants paid an average premium of $1.23/lb for a tender versus tough steak. Fifty-one percent of the parti cipants were willing to pay an average of $1.84/lb when they had completed a taste test and were also provided information about the steak's tendernes s. Results indicate that most consumers prefer more tender steaks and that many are willing to pay a premium for tender steaks.