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2004•RePEc: Research Papers in EconomicsRequires access

An Evaluation Of Consumer Acceptance Of Genetically Modified Food: Willingness-To-Pay (Wtp) Vs. Willingness-To-Accept (Wta)

Arbindra Rimal, Wanki Moon, Siva K. Balasubramanian

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Abstract

Using Heckman's sample selection model, consumer willingness-to-pay (accept) premium (discount) for non-GM (GM) cereals was analyzed. Results showed that consumers who were indifferent to the risk of consuming GM foods behaved differently compared to those who were willing-to-pay (accept) premium (discount) for non-GM (GM) cereals.

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What this paper is about

Using Heckman's sample selection model, consumer willingness-to-pay (accept) premium (discount) for non-GM (GM) cereals was analyzed. Results showed that consumers who were indifferent to the risk of consuming GM foods behaved differently compared to those who were willing-to-pay (accept) premium (discount) for non-GM (GM) cereals.

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Available abstract

Using Heckman's sample selection model, consumer willingness-to-pay (accept) premium (discount) for non-GM (GM) cereals was analyzed. Results showed that consumers who were indifferent to the risk of consuming GM foods behaved differently compared to those who were willing-to-pay (accept) premium (discount) for non-GM (GM) cereals.

Key concepts: Willingness to pay, Willingness to accept, Genetically modified food, Genetically modified organism, Sample (material), Economics, Price premium, Business

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