Consumers' willingness to pay for food products decreases when the food label indicates that a food product is produced with the aid of modern biotechnology. This bulletin presents empirical evidence on consumers' willingness to pay for biotech foods based on the presence or absence of labels...

Basic economic theory predicts that a consumer’s willingness to pay for a good is affected by the availability of complements and substitutes. In an auction setting, this theory implies that the presence of complements would increase bid prices for a good, while the presence of substitutes...

Environmental and consumer groups have called for mandatory labeling of genetically engineered (GE) food products in the United States, stating that consumers have the “right to know.†Herein, we use a nonhypothetical field experiment to examine the willingness to pay for GE-labeled...