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Economics Research International
Volume 2013 (2013), Article ID 920164, 10 pages
http://dx.doi.org/10.1155/2013/920164
Research Article

Firm’s Decisions Based on Consumers’ Choices in Ecocertified Food Markets

1Department of Agricultural Development and Agribusiness Management, Alexander Technological Educational Institute of Thessaloniki, P.O. Box 141, 57400 Thessaloniki, Greece
2Department of Economics, University of Macedonia, 156 Egnatia Street, 54006 Thessaloniki, Greece

Received 29 December 2012; Accepted 28 January 2013

Academic Editor: Anthony N. Rezitis

Copyright © 2013 Philippos Karipidis and Eftichios Sartzetakis. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

The present paper proposes a framework for examining whether a food production enterprise, attempting to build an ecocertification strategy, connects the creation of environmental value with the creation of economic value, balancing environmental sustainability with economic sustainability. More specifically, the paper combines demand theory with a discreet choice consumers’ model in an embryonic ecocertified food market, to examine whether economic value is created and to identify the determinants of this value creation. An empirical investigation of the model using consumer data indicates that a variety of factors, such as consumer’s age and profession, family’s income and purchasing strategy, product quality association in consumers’ mind and the retailing outlet, play an important role in shaping the respondents’ intention to pay for the ecofriendliness of products. The proposed framework can help enterprise management to balance the consumers’ and enterprise owners’ claims in cases where certification schemes or standards exist that enable enterprises to communicate social responsibility to their customers.