Consumer willingness to pay for nano-packaged food products: Evidence from eye-tracking technology and experimental auctions

Using eye-tracking technology and experimental auctions, this study evaluates the impact of information on consumers’ willingness to pay (WTP) for nano-packaged food products with varying shelf-lives. Positive, negative and neutral information about the risks and benefits of nanotechnology in food processing was presented to consumers while their eyes were being tracked to more objectively measure the influence of information on consumer WTP. Double hurdle model results show that the specific information about nanotechnology from various sources has a negative effect on the probability of consumers valuing nano-packaged products. For consumers who did value nano-packaged products, general and specific information about nanotechnology had a positive effect on their WTP for all nano-packaged products. The eye-tracking data showed that the specific information from different sources had an effect on the participants with prior knowledge of nanotechnology. Results show that information can change consumers’ attitude and the willingness to buy nano-packaged food products.