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Consumption Externalities, Information Policies, And Multiple Equilibria: Evidence For Genetically Engineered Food Markets

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Author Info
Roe, Brian
Teisl, Mario
Abstract

We provide evidence of consumption externalities for foods with genetically engineered ingredients. The probability of choosing bread made exclusively from genetically engineered wheat is significantly higher for individuals who perceive normal bread to contain higher levels of genetically engineered content. The magnitude and significance of the consumption externality depends upon the intensity and nature of individual concern about genetically engineered foods and upon prevailing information policies such as explicit warnings about potential health impacts of genetically engineered foods. The estimated preference structures result in an equilibrium level of genetically engineered ingredients that can be sensitive to the initial level of genetically engineered content in the general marketplace. We discuss possible regulatory implications of such preferences structures.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number 20243.

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Date of creation: 2004
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Handle: RePEc:ags:aaea04:20243

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Keywords: Food Consumption/Nutrition/Food Safety;

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  5. Fox, John & Hayes, Dermot & Shogren, Jay, 2002. "Consumer Preferences for Food Irradiation: How Favorable and Unfavorable Descriptions Affect Preferences for Irradiated Pork in Experimental Auctions," Staff General Research Papers 5207, Iowa State University, Department of Economics.
    Other versions:
  6. Kim, Hee-Su & Kwon, Namhoon, 2003. "The advantage of network size in acquiring new subscribers: a conditional logit analysis of the Korean mobile telephony market," Information Economics and Policy, Elsevier, vol. 15(1), pages 17-33, March. [Downloadable!] (restricted)
  7. Huck, Steffen & Oechssler, Jorg, 2000. "Informational cascades in the laboratory: Do they occur for the right reasons?," Journal of Economic Psychology, Elsevier, vol. 21(6), pages 661-671, December. [Downloadable!] (restricted)
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  8. Ramon Caminal & Xavier Vives, 1996. "Why Market Shares Matter: An Information-Based Theory," RAND Journal of Economics, The RAND Corporation, vol. 27(2), pages 221-239, Summer. [Downloadable!] (restricted)
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  12. Karni, Edi & Levin, Dan, 1994. "Social Attributes and Strategic Equilibrium: A Restaurant Pricing Game," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 822-40, August. [Downloadable!] (restricted)
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  15. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August. [Downloadable!] (restricted)
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