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2014 Conference

April 9–11, 2014

Intercontinental, Milwaukee, WI

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Consumer Acceptance and Willingness to Pay for Food Made with Nanotechnology

Friday, April 11, 2014 at 1:30 PM–3:00 PM CDT
Salon 4
Short Abstract

Nanotechnology has tremendous potential in food and agriculture. Few economic study focused on specific products made using nanotechnology, let alone food or food related products. Using a national choice experiment survey, this analysis examines consumers’ valuations for nano-attributes. As implied, consumers were willing to pay less for canola oil if it was produced from nanoscale-modified seed; less if the final products were packed with nanotechnology-enhanced packaging technique; and no significant difference was found for oil that was designed with health enhancing nano-engineered oil drops, which would require interaction with the human digestive system. Additionally, the results revealed unobserved heterogeneities among respondents in their willingness-to-pay for canola oil attributes. Findings from this study will help bridge the gap between scientific innovation and public policy and social-economic concerns. Implications for government policy that can be efficiently used to monitor and regulate these technologies were also investigated.

First & Corresponding Author

Wuyang Hu, Ph.D., University of Kentucky

Add'l Authors In The Order To Be Printed

Ping Qing, Ph.D., College of Economics and Management, Huazhong Agricultural University
Aiqin Xi, Ph.D., College of Economics and Business, Qingdao Technological University
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