The value of product attributes for farmed oysters: A hedonic price analysis of US restaurant menus

Abstract

The price of most food products is a function of attributes related to the product itself and signals associated with product features. Using a novel data source, online restaurant menus, this study examines the impact of various attributes on raw, half shell oyster prices in the United States. We find that oyster value is significantly affected by region, as well as the amount and type of information provided. West coast oysters, oysters sold in the Pacific region, and oysters sold on menus with additional information receive the highest price premiums. These findings suggest significant market segmentation exists within the United States.