Estimating the WTP for GMO -and added antibiotics- free milks

Using random nth-price auction with cheap talk and promise script

抄録

In this study, we assessed the value that consumers attach to milk safety from the results of a random nth-price auction experiment and investigated the role of hypothetical bias. We found that study participants were willing to pay 28.9% (or 50 yen) more for milk from cows whose diet did not include genetically modified feed and 45.6% (or 79.1 yen) more for milk that was antibiotics-free. We also confirmed the need for researchers to guard against hypothetical bias when evaluating new risks.