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Consumer Valuation Of Genetically Modified Foods And The Effect Of Information Bias

Listed author(s):
  • Vanwechel, Tamara
  • Wachenheim, Cheryl J.
  • Schuck, Eric C.
  • Lambert, David K.

Bid 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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Paper provided by North Dakota State University, Department of Agribusiness and Applied Economics in its series Agribusiness & Applied Economics Report with number 23620.

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Date of creation: 2003
Handle: RePEc:ags:nddaae:23620
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