Contingent Valuation of Sustainable Integrated Agriculture-Aquaculture Products: The Case of Rice-Fish Farming Systems in South Korea

There has been growing acceptance in Asia that consumer participation in green consumption can lead to sustainable agriculture and aquaculture development. In this context, this study investigates how consumers' psychological (i.e., attitudes and social norms) and socio-economic characteristics affect their willingness to pay (WTP) for sustainable agricultural products. To this end, the study incorporates attitude and social norms as components of the theory of reasoned action into the contingent valuation method, thereby establishing an estimation model for consumers' WTP. Based on an online market survey of adults in South Korea from June to July 2018, the results show that consumers' attitudes and social norms positively affect WTP for the rice and loach produced through integrated agriculture-aquaculture (IAA). However, the variables in the model affect consumers' WTP differently, depending on the type of IAA product. For IAA rice, both socio-economic (e.g., income) and psychological variables affect WTP. However, in the case of IAA loach, only social norms are statistically significant in affecting consumers' WTP.