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Seniors need specially processed foods because of their vulnerable appetite. Their ability to take foods is relatively weak, which disturbs their nutritional balance. However, the food industry is reluctant to conduct research and development for senior-friendly foods due to the low income level of the elderly and uncertain market prospects. This study adopts a contingent valuation method to examine elderly people’s willingness-to-pay for various types of senior-friendly foods and related government services. Based on the results, expected welfare that could be generated through development of the senior-friendly food market in South Korea is derived. The magnitude of the estimated willingness-to-pay and expected welfare may provide the central government as well as the food industry with a motivation to involve in the senior-friendly food market in terms of product development and food policy. |
