Experimental Evidence of Risk Aversion in Consumer Markets: The Case of Beef Tenderness



Table 3. Preferences toward Risk

Hypothetical Trials

_______Real Trials

H1

H2

R1

R2

R3

R4

Mean

Mean risk premium

7.75

8.04

7.00

6.44

4.96

3.59

5.50

Standard deviation

10.64

7.45

7.50

7.84

9.75

10.19

6.96

Wilcoxon test p valuea

0.00

0.00

0.00

0.00

0.00

0.01

0.00

Mean risk ratio

0.89

0.89

0.91

0.91

0.93

0.96

0.93

Standard deviation

0.15

0.12

0.10

0.11

0.14

0.15

0.10

# Risk averse

38

43

43

39

35

32

38

# Risk neutral

1

3

2

3

4

1

0

# Risk seeking

12

5

6

9

12

18

13

a Wilcoxon signed rank test. H0: Mean risk premium equal zero.

Not graded

Quality V

Very tender


Tender


Less tender


Graded

Quality A

Quality B

Quality C

Very tender

Tender

Less tender

Figure 1. Tenderness Grading

11



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