Consumers’ Willingness to Pay (WTP) for Organically Farmed Fish in Bangladesh

This study aims to assess the market potential for organically farmed shrimp. The rank-ordered logit model was employed to investigate consumer perceptions; the findings reveal that consumers prefer organic shrimp from mariculture, and inland-farmed shrimp to the coastal version. The willingness to pay (WTP) for conventional shrimp amongst consumers with low knowledge is less than that for organic shrimp amongst highly knowledgeable ones. In addition, the lower WTP for organic shrimp compared with safe shrimp amongst those with a medium knowledge level shows that the organically farmed shrimp market is lagging behind due to limited knowledge and confusion

Ambiguity tolerance and confusion avoidance in the intent to purchase farmed fish

Aquaculture products are presently becoming a crucial part of consumers’ diets. However, asymmetric information regarding farmed fish exposes consumers to ambiguity and often makes them confused. Therefore, this study aims to ascertain the levels of ambiguity tolerance (AT) and confusion avoidance (CA) related to farmed fish and to test if consumers’ AT and CA influence their purchase intent (PI) of such fish. The impact of demographics on consumers’ CA and AT is also explored. The data were obtained through a survey conducted on a randomly selected sample of 1053 households who either purchase and have purchased fish. The collected data were analyzed employing explorative factor analysis, structural equation modeling, and a simple regression model. The study demonstrates that AT had a positive and significant impact on the PI of farmed fish, and also reduced CA. However, the current high level of CA does not influence the PI of farmed fish

Consumers’ Preferences for the Traceability Information of Seafood Safety

Consumers’ Preferences for the Traceability Information of Seafood SafetyDue to importing food and the perpetual changes from conventional wet markets to supermarkets in emerging markets, consumers have the opportunity to base their buying decisions on traceability systems. Seafood traceability systems involve information on production mode, inspection notes, sustainable sources, and sources of origin to provide consumer protection and help ensure that all seafood is safe to consume. This study aims to explore seafood markets by assessing the demand for traceability information attributes by utilising data from an experimental survey in an emerging market such as Bangladesh. The data were analysed using descriptive statistics, exploratory factor analysis, and a conditional logit model. The results demonstrate that consumers are concerned regarding vitamins, cholesterol, and preservatives, while they are little concerned about microbiological contamination, pesticide residues, genetic modification, and additives or artificial colours. The difference between the mean willingness to pay (WTP) for traditional and sustainable farmed fish is higher than that between the mean WTP for conventional and sustainable wild fish. In a ranked-choice voting system, the ‘production mode’ and ‘claim of safety control (e.g., being formalin-free)’ were the first and second most influential attributes in fish choices. The outcomes of the econometric model revealed that consumers are more likely to prefer traceability information about fish control (e.g., formalin-free), and they want to pay a price premium for this information. Alternatively, consumers are less likely to prefer farmed and imported fish, and their WTP for these fishes are highly inflated. This finding may be because consumers use wild and local origin as a cue for food safety or quality. This study hopes that the effects of such traceability information will optimise the production process and supply chain and help make seafood recall management more effective

Development of an Efficient in Vitro Regeneration System for Endangered Wild Orange Citrus Chrysocarpa L.

A method for in-vitro propagation of wild type Indian orange (Citrus chrysocarpa L.) was developed by shoot organogenesis from seed. Mature seed embryos were used as explants and treated with different hormones and plant growth regulators on MS medium for callus, shoots and roots induction. For callus inductio

Consumers’ Willingness to Pay (WTP) for Organically Farmed Fish in Bangladesh

This study aims to assess the market potential for organically farmed shrimp. The rank-ordered logit model was employed to investigate consumer perceptions; the findings reveal that consumers prefer organic shrimp from mariculture, and inland-farmed shrimp to the coastal version. The willingness to pay (WTP) for conventional shrimp amongst consumers with low knowledge is less than that for organic shrimp amongst highly knowledgeable ones. In addition, the lower WTP for organic shrimp compared with safe shrimp amongst those with a medium knowledge level shows that the organically farmed shrimp market is lagging behind due to limited knowledge and confusion

Consumers' knowledge discrepancy and confusion in intent to purchase farmed fish

Purpose - The purpose of the paper is to examine the influence of consumers' perceived knowledge, knowledge discrepancy and confusion on the intention to purchase farmed fish (FF) via a survey design regarding perceptions, buying and consumption practices of urban households in Chittagong, Bangladesh. Design/methodology/approach - The samples of 498 households were selected from a stratified cluster from the Chittagong city and were interviewed using a structured questionnaire. The data have been analysed using exploratory factor analysis and structural equation modelling. Findings - The results show that consumers' subjective knowledge (SK) is significant for purchase intention whereas objective knowledge (OK) is not. Again, consumers' SK, OK, knowledge discrepancy and confusion have no influence in forming consumers' attitude towards FF. However, consumers who overestimate their actual level of knowledge hold negative attitude towards FF and vice versa. Furthermore, consumers' OK affects their confusion inversely although it does not influence the purchase intention significantly. Practical implications - If the marketers can frame a more engaging means of communication and knowledge enhancement plan, consumers' attitude and purchase intention regarding FF will be signified. Originality/value - This is the first study that fundamentally contributes to the scientific research in that it measures the knowledge discrepancy of consumers regarding FF. In addition, this study substantiates that low objective knowledge leads to confusing consumers at the time of purchasing. The effect of overestimating the level of knowledge as well as underestimating the level of knowledge in explaining the purchase intention of FF would be a supplementary addition

Mental budgeting and the financial management of small and medium entrepreneurs

The present study examines the influences of mental budgeting on the financial management of SMEs, via a survey of SME owners’ practices regarding various issues in financial management. The samples of 201 SMEs were randomly selected from the city of Chittagong, Bangladesh and interviewed using a structured questionnaire and the data have been analysed using descriptive statistics, principal component analysis and ordinal logistic regression. The results of the study show that own savings and loans from relatives are the major sources of the business capital with micro-credit coming in the second place. The earnings from existing business were mostly used to meet family expenditures. The results also show that Mental Budgeting (MB) and its determinants like other sources of income over existing business, never spending more than a fixed amount, having an overview of checking balance, long-term future orientation and financial product knowledge have significant influences on the financial management of SMEs. However, no evidences of several aspects were found in the same field

Sustainability indicators for sustainably-farmed fish in Bangladesh

To be sustainable, farmed fish should be environmentally suitable, biologically ideal, socially acceptable and economically viable. As these sustainability indicators (SIs) strongly influence consumers’ fish purchase intent, farms should report them as a balanced source of sustainability information. However, in the literature, little attention has been paid to biological indicators in assessing aquaculture sustainability, nor to the extent of the SIs. Furthermore, the assessed SIs have not been examined by consumers. Therefore, this study measures consumers’ perceived value of these. Consumers’ sustainability knowledge and attitude towards farm-raised fish are also taken into account. Multinomial logit and basic latent class logit models are employed, together with a direct survey of households in Bangladesh. The results demonstrate that a low level of water use and appropriate feeding in the production process (e.g., environmental and biological indicators) of farmed fish increase consumers’ utility and that they are willing to pay a price premium for these attributes. Consumers look for the ‘safety label’, which indicates intermediately, averagely, and fairly sustainable farmed fish. Initially, consumers prefer averagely sustainable fish, but when they eat a high amount of farmed fish in their total fish consumption, they are more likely to prefer fairly sustainable ones, which are high sustainable. Therefore, the study results indicate that produced fish should be marketed with environmental and biological sustainability indicators, including food safety labels. Additionally, a close monitoring system will increase social acceptability, leading to sustainable fish farming and consumption

Consumers’ Value Perceptions of Seafood

Consumers’ perception of seafood products plays a critical role in determining their consumption behaviour. As a great quantity of seafood is produced by aquaculture, specifically farmed fish, consumers’ perception of farmed fish is crucial. In recent years, consumers in developing and emerging countries have increased their concern about seafood safety. This thesis investigates consumers’ perception of seafood in an emerging market such as Bangladesh and their willingness to pay (WTP) for fish attributes such as safety and green labels. The thesis contributes to the literature by adding value to the empirical knowledge of consumers’ perceptions and attitudes and the discrepancy of knowledge in emerging markets, especially about sustainable and organic farmed fish. The thesis comprises an independent introductory section and four individual papers

Consumer preference for fish safety inspection in Bangladesh

Consumers are entitled to eat safe food, so authorities should ensure that this right is preserved by enacting regulations and ensuring compliance through enforcement activities. Safety inspection is key to the enforcement system. Therefore, this paper presents an analysis of consumer responses to a regulatory scheme for safe seafood. The regulations consist of national and local authority enforcement and subsequent follow up activities to ensure that all wild and farmed fish in all product formats are safe. We collected primary data from two major cities in Bangladesh, Dhaka and Chittagong. The data were analysed using conditional and generic multinomial logit models to identify different utility ratios. We find that consumers expect safety control information at a low mental cost or effort. They value fish safety inspection highly in their affective reaction, whereas this value is lacking in their cognitive response. The individual parameter estimates show that consumers' preferences for both wild and farmed fish are significantly positive. They are most likely to reject frozen fish and be willing to pay less for it. Wild-caught fish creates utility for consumers without any food safety inspection, but this is not the case for farmed, frozen fish. The lack of authorised food safety inspection significantly decreases utility, suggesting a positive market potential, particularly for farmed fish with local authority safety certification