Product attributes (such as whether the product is organic) have been used to analyze consumer choices in market data. However, rather than generating utility directly, these attributes may instead be valued as a signal of a product outcome (such as nutritional benefits). For example, organic products may be valued because they are perceived as healthier, or they may be perceived as having a reduced environmental impact; "no sodium added" may communicate healthiness and improved flavor; and "cage free" may suggest improved animal welfare. In this paper, we examine how attribute information on ...
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