Consumer Willingness to Pay for Non-Genetically Modified Vegetable Oil in Taiwan
Date Issued
2010
Date
2010
Author(s)
Chen, Yi-Ling
Abstract
Low production costs accompanying by high production yields make the technology of genetic modified (GM) organism widely applied in agriculture business sectors. These massive commercial usages of GM products concern consumers regarding the food safety. This research analyzes the consumer’s acceptance and willingness to pay (WTP) values based on the data gathered from survey conducted in year 2008. Variables from demographics, GM knowledge and consumer’s attitude and perception are extracted and conjointly determining the acceptance of GM foods with multinomial logit model. Moreover the consumer’s WTP value can be estimated by the survival analysis techniques. The empirical finding elicits an average WTP amount of $325 for non-GM vegetable oil. Taiwanese consumers on average are willing to pay 2.03 times the price of GM vegetable oil for a 3-Liter non-GM vegetable oil. This fact infers that consumers in Taiwan still have limited knowledge in interacting with GM foods. Thus, policy makers should enforce the education and regulation imposed on the GM technologies in order to satisfy the consumer’s demand of pursuing health and food safety.
Subjects
Contingent valuation method
double-bounded dichotomous choice
genetic modified food
willingness to pay
survival analysis
Type
thesis
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