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Information and order of information effects on consumers' acceptance and valuation for genetically modified edamame soybean.

ABSTRACT: This study examines two different strategies with respect to managing the order in which information about genetically modified (GM) technology would reach and impact consumers of edamame, often referred to as the "vegetable soybean". Edamame are soybeans harvested while the beans are young and soft. We capture consumers' willingness to pay (WTP) for unlabeled edamame, non-GM edamame, and GM edamame using a non-hypothetical random nth price auction. We elicit consumers' valuation for each edamame product before and after introducing information, and test two strategies where the order of providing positive and negative information is reversed. The results suggest that negative information affects WTP to a much greater extent than positive information. Hence a strategy to proactively deal with eventual negative press about GM technology did not lead to a different result than a strategy that would react to or attempt to thwart negative information with positive information at a later date. These findings suggest that it would be difficult to introduce new GM edamame as edible products in the market as marginally negative preconceptions about GM at the time of the experiment were easier to reinforce with negative information than to combat with positive information about GM.

SUBMITTER: Lee JY

PROVIDER: S-EPMC6200256 | biostudies-literature | 2018

REPOSITORIES: biostudies-literature

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Information and order of information effects on consumers' acceptance and valuation for genetically modified edamame soybean.

Lee Ji Yong JY Popp Michael P MP Wolfe Elijah J EJ Nayga Rodolfo M RM Popp Jennie S JS Chen Pengyin P Seo Han-Seok HS

PloS one 20181024 10

This study examines two different strategies with respect to managing the order in which information about genetically modified (GM) technology would reach and impact consumers of edamame, often referred to as the "vegetable soybean". Edamame are soybeans harvested while the beans are young and soft. We capture consumers' willingness to pay (WTP) for unlabeled edamame, non-GM edamame, and GM edamame using a non-hypothetical random nth price auction. We elicit consumers' valuation for each edamam ...[more]

PMID: 30356270

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Dataset Information

Information and order of information effects on consumers' acceptance and valuation for genetically modified edamame soybean.

Publications

Information and order of information effects on consumers' acceptance and valuation for genetically modified edamame soybean.

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