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

Abstract

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.biotechnology, environment, experimental auction, genetically modified, information, willingness-to-pay, Food Consumption/Nutrition/Food Safety, Research and Development/Tech Change/Emerging Technologies,