CONSUMER VALUATION OF GENETICALLY MODIFIED FOODS AND THE EFFECT OF INFORMATION BIAS

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.


Issue Date:
2003
Publication Type:
Report
PURL Identifier:
http://purl.umn.edu/23620
Total Pages:
18
Series Statement:
Agribusiness & Applied Economics Report No. 513




 Record created 2017-04-01, last modified 2017-12-06

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