Trading off risks and benefits when valuing new GM technologies: a consumer perspective
While Genetically Modified (GM) crops and foods are in production and on the shelves of supermarkets in many countries, they are still under much criticism and scrutiny around the world. Many studies report that consumers' perceptions towards biotechnology are mixed. The main contribution of this paper is to present a Contingent Valuation (CV) modelling approach that allows for the calculation of a net willingness to pay when both 'lovers' and 'haters' of these GM crops are considered. Willingness To Pay (WTP) is contrasted with Willingness To Accept (WTA) and a net WTP estimate is computed. Results suggest that not properly accounting for the existence of negative preferences may seriously bias the welfare estimates. These findings encourage policymakers to assess new technologies employing a framework of heterogeneous consumer preferences, including both, perceived benefits and perceived risks.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 6 (2007)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.inderscience.com/browse/index.php?journalID=1|
When requesting a correction, please mention this item's handle: RePEc:ids:ijarge:v:6:y:2007:i:1:p:111-123. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Graham Langley)
If references are entirely missing, you can add them using this form.