Public Acceptance of and Willingness to Pay for Nanofood: Case of Canola Oil
AbstractNanotechnology has tremendous potential in food and agriculture. Few economic studies focused on specific products made using nanotechnology, let alone food or food related products. Using a national choice experiment survey, this analysis examines consumers’ valuations for nano-attributes. As implied, consumers were willing to pay less for canola oil if it was produced from nanoscale-modified seed; less if the final products were packed with nanotechnology-enhanced packaging technique; and no significant difference was found for oil that was designed with health enhancing nano-engineered oil drops, which would require interaction with the human digestive system. Additionally, the results revealed unobserved heterogeneities among respondents in their willingness-to-pay for canola oil attributes. Findings from this study will help bridge the gap between scientific innovation and public policy and social-economic concerns. Implications for government policy that can be efficiently used to monitor and regulate these technologies were also investigated.
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Bibliographic InfoPaper provided by Agricultural and Applied Economics Association in its series 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. with number 149662.
Date of creation: 04 Aug 2013
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Choice experiment; Mixed Logit model; Nanotechnology application; Willingness to Pay; Agribusiness; Agricultural and Food Policy; Consumer/Household Economics; Food Consumption/Nutrition/Food Safety; Marketing; Research Methods/ Statistical Methods; Q13; Q16;
Find related papers by JEL classification:
- Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
- Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
This paper has been announced in the following NEP Reports:
- NEP-AGR-2013-06-24 (Agricultural Economics)
- NEP-ALL-2013-06-24 (All new papers)
- NEP-DCM-2013-06-24 (Discrete Choice Models)
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