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http://dx.doi.org/10.15266/KEREA.2015.24.2.283

Estimating the Consumer's Value of Creating Shared Value Strategy of Company Considering Biodiversity  

Park, Sujeong (Department of Agricultural Economics and Rural Development, Seoul National University)
Min, Sun Hyung (Department of Agricultural Economics and Rural Development, Seoul National University)
Im, Jeongbin (Department of Agricultural Economics and Rural Development, Seoul National University)
Kim, Hong Sok (Department of Agricultural Economics and Rural Development, Seoul National University)
Publication Information
Environmental and Resource Economics Review / v.24, no.2, 2015 , pp. 283-309 More about this Journal
Abstract
Nagoya Protocol came into effect October of 2014. For Korean companies to follow Nagoya Protocol with ease, this research conducts the survey to figure out consumers' additional willingness to pay for bio-diversity. The hypothesis that the bio-diversity label will make an impact on willingness to pay through emotional value, conditional value, and epistemic value is based on consumption value theory. The survey is conducted for two product categories; first one is utilitarian product (milk) and the other one is hedonic product (cosmetics). The analysis result shows the bio-diversity label on both product categories incur additional willingness to pay. Especially, expectation on effectiveness of bio-diversity label increases the additional willingness to pay on biodiversity label. This implies for easy following on Nagoya Protocol, the education and promotion of bio-diversity is need to increase consumers' additional willingness to pay, which can be the attraction for companies to obey the Nagoya Protocol.
Keywords
BioDiversity; Creating Shared Value; Contingent Valuation Method;
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