Consumer Responses Towards Non-GM Food: Evidence From Experimental Auctions In Vietnam

Yen Dan Tong, Dong Khuu, Truong Duc Toan, Phuong Duy Nguyen and Nhai Pham

International Journal of Food and Agricultural Economics (IJFAEC), 2021, vol. 09, issue 4

Abstract: This study aimed to investigate the point of view of consumers in developing and emerging market about the genetically modified and non-genetically modified food based on the evidence from soymilk non- genetically modified product. The experimental auction method was employed to explicit the willingness-to-pay of Vietnamese consumers for a non-genetically modified soymilk products. Regression analysis was applied to determine factors influencing consumer's WTP for non-genetically modified product. The results indicated that consumers are willing to pay 84% premium for soy milk with non-genetically modified attribute information in comparison with the conventional one. The level of WTP derived from the auction is not much different from the market price of the product being auctioned. Notably, consumers with high level of risk aversion were likely to purchase non-genetically modified food. This was a predominant factor that determines who would accept or deny the consumption of non-genetically modified food.

Keywords: Agricultural and Food Policy; Consumer/Household Economics; Demand and Price Analysis; Financial Economics; Marketing; Research Methods/Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ijfaec:316274

DOI: 10.22004/ag.econ.316274

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