Actual Media Reports on GM Foods and Chinese Consumers' Willingness to Pay for GM Soybean Oil

Abstract

Information has been proven to have significant impacts on consumers' behavior and willingness to pay (WTP). In this study, information on GM soybean oil is given in the form of real-life cases involving GM food. These cases recorded from actual media reports. Using a hybrid of the double-bounded and payment care elicitation approaches, Chinese consumers' WTP for soybean oil is examined both before and after these cases are presented to them. Results indicate that media reports on positive cases do not increase consumers' WTP significantly, while reports on negative cases drastically lower their WTP.Chinese consumers, double-bounded, soybean oil, willingness to pay, Consumer/Household Economics, Demand and Price Analysis,