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Sustainability 2017, 9(9), 1546; doi:10.3390/su9091546

Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves?

Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea
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Received: 16 July 2017 / Revised: 21 August 2017 / Accepted: 23 August 2017 / Published: 30 August 2017
(This article belongs to the Section Sustainable Engineering and Science)
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Abstract

Korean households generally prefer to use induction cooktops rather than gas stoves because of their greater convenience and safety features. This paper tries to investigate whether Korean households are willing to pay a premium for replacing their gas stoves, which are currently common in Korea, with induction cooktops, from the perspective of convenience and safety. To this end, a contingent valuation technique was applied to assess the additional willingness to pay (WTP) a premium for using an induction cooktop rather than a gas stove. A nationwide survey of 1000 households was carried out. The results indicate that the mean additional WTP for using an induction cooktop rather than a gas stove is KRW 207 (USD 0.19) per cubic meter of residential gas. This value can be interpreted as the convenience and safety benefits to the consumer of using an induction cooktop rather than a gas stove, or residential electricity rather than residential gas for cooking. It amounts to approximately 26.7% of the average 2015 price of residential gas, which was KRW 775 (USD 0.70) per cubic meter. If the gap between the price for residential electricity and the price for residential gas is less than the WTP value, households will increase their demand for residential electricity for cooking. View Full-Text
Keywords: induction cooktop; gas stove; convenience; safety; premium; willingness to pay induction cooktop; gas stove; convenience; safety; premium; willingness to pay
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. (CC BY 4.0).

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Kim, H.-J.; Lim, S.-Y.; Yoo, S.-H. Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves? Sustainability 2017, 9, 1546.

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