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Consumer Responses Towards Non-GM Food: Evidence From Experimental Auctions In Vietnam

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  • Tong, Yen Dan
  • Khuu, Dong
  • Toan, Truong Duc
  • Nguyen, Phuong Duy
  • Pham, Nhai

Abstract

This study aimed to investigate the point of view of consumers in developing and emerging market about the genetically modified and non-genetically modified food based on the evidence from soymilk non- genetically modified product. The experimental auction method was employed to explicit the willingness-to-pay of Vietnamese consumers for a non-genetically modified soymilk products. Regression analysis was applied to determine factors influencing consumer's WTP for non-genetically modified product. The results indicated that consumers are willing to pay 84% premium for soy milk with non-genetically modified attribute information in comparison with the conventional one. The level of WTP derived from the auction is not much different from the market price of the product being auctioned. Notably, consumers with high level of risk aversion were likely to purchase non-genetically modified food. This was a predominant factor that determines who would accept or deny the consumption of non-genetically modified food.

Suggested Citation

  • Tong, Yen Dan & Khuu, Dong & Toan, Truong Duc & Nguyen, Phuong Duy & Pham, Nhai, 2021. "Consumer Responses Towards Non-GM Food: Evidence From Experimental Auctions In Vietnam," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 9(4), October.
    • Handle: RePEc:ags:ijfaec:316274
    DOI: 10.22004/ag.econ.316274
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    References listed on IDEAS

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