Campus Units

Economics

Document Type

Article

Publication Version

Published Version

Publication Date

7-2007

Journal or Book Title

Economic Inquiry

Volume

45

Issue

3

First Page or Article ID Number

409

Last Page

432

DOI

10.1111/j.1465-7295.2007.00017.x

Abstract

Food products containing genetically modified (GM) ingredients have entered the market over the past decade. The biotech industry and environmental groups have disseminated conflicting private information about GM foods. This paper develops a unique methodology for valuing independent third-party information in such a setting and applies this method to consumers’ willingness to pay for food products that might be GM. Data are collected from real consumers in an auction market setting with randomized information and labeling treatments. The average value of third-party information per lab participant is small, but the public good value across U.S. consumers is shown to be quite large.

JEL Classification

C91, D12, D82

Comments

This article is from Economic Inquiry 45 (2007): 409, doi: 10.1111/j.1465-7295.2007.00017.x.

Rights

Works produced by employees of the U.S. Government as part of their official duties are not copyrighted within the U.S. The content of this document is not copyrighted.

Language

en

File Format

application/pdf