Willingness to Pay for Genetically Modified Foods Under Differing Information Scenarios

Bid prices were elicited for standard-label cookies, muffins, and potato chips and those guaranteed to be free of genetically modified (GM) ingredients using an nth price Vickery experimental auction. A non-GM guarantee increased bids over those offered for standard-label products using paired-samples t-tests. However, product labeling did not significantly effect bid price estimated using standard ordinary least squares. Overall, providing information about the positive or negative impact of biotechnology on the environment did not affect the bid for the standard—labeled (presumed GM) product. An exception was among students with an agriculture major for whom positive (negative) information decreased (increased) bids for GM products.