Consumer Valuation Of Genetically Modified Foods And The Effect Of Information Bias
AbstractBid prices were elicited for standard-label cookies, muffins, and potato chips and those identified as not including genetically modified (GM) ingredients using an experimental auction. Including a statement that the product did not include GM ingredients increased bids over those offered for standard-label products. Providing negative-biased information about the impact of GM crops on the environment increased the risk participants associated with GM foods, and positive-biased information decreased perceived risk. Overall, providing impact information, whether positive- or negative-biased, increased bids for products presumed GM. The influence of information bias on bids varied among selected participant groups, supporting the presence of uniquely responsive market segments.
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Bibliographic InfoPaper provided by North Dakota State University, Department of Agribusiness and Applied Economics in its series Agribusiness & Applied Economics Report with number 23620.
Date of creation: 2003
Date of revision:
biotechnology; environment; experimental auction; genetically modified; information; willingness-to-pay; Food Consumption/Nutrition/Food Safety; Research and Development/Tech Change/Emerging Technologies;
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