Neoclassical consumer theory and genetically modified food

William Kaye-Blake

No 98511, 2005 Conference, August 26-27, 2005, Nelson, New Zealand from New Zealand Agricultural and Resource Economics Society

Abstract: Three axioms underpin consumer choice in neoclassical theory: weak order, independence, and continuity. Two of these axioms may not hold, however, for consumers’ choices regarding genetically modified (GM) food. Consumers may evaluate product attributes differently depending on whether the food is GM or not, violating attribute independence. Some consumers may not want GM food at all, violating continuity. The axioms were empirically investigated with a choice experiment survey. The paper discusses evidence of violations of both independence and continuity, as well as a non-neoclassical approach to modelling consumer choice.

Keywords: Agricultural and Food Policy; Community/Rural/Urban Development; Consumer/Household Economics; Crop Production/Industries; Environmental Economics and Policy; Farm Management; Food Consumption/Nutrition/Food Safety; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 19
Date: 2005-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:nzar05:98511

DOI: 10.22004/ag.econ.98511

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