Consumers' Preferences for GM Food and Voluntary Information Access: A Simultaneous Choice Analysis
2009
Hu, Wuyang | Adamowicz, Wiktor L. | Veeman, Michele M.
Previous studies on information and consumer choices have typically assumed that information is exogenous in that information made available to consumers is generally treated as being both received and processed. Based on a choice experiment on consumers' stated preferences for genetically modified food that provides for voluntary information access, this study allows information access decisions to be endogenous to the product choice decision-making process. Instead of assuming correlated error terms between these decisions, the approach used in this analysis builds upon structural correlations between two models that individually consider each of these two decisions. We find that the two types of decisions are related and that there is heterogeneity across individuals in the nature of this relationship.
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