Transcript – Understanding the Impact of Information on Market Efficiency and Consumer Well-Being

This is a joint research between faculty members and agriculture, economics, economics and marketing. Our objective is to understand the impact of information on markets and identify strategies and policies that improve market efficiency, produce a profit in consumer well-being. U.S. history Grant. We have conducted several market surveys and research project. In this presentation. We use our research on genetically modified food markets as the showcase of our collaboration, which combines the applications of economic modelling, statistical analysis, food economics and marketing research. In 2008, the USDA announced that the nation of our engineered food disclosure standard requiring companies to disclose foods that have been genetically modified or GM owned by January the 1st of 2022. In this study, we constructed a theoretical model that identified consumer decisions and strategies and conducted a nationwide survey on consumers preferences for grocery products, combining the theoretical predictions and the survey results. We found that producers will not be worse off from complying with the GMO labeling rule if the market is competitive and many producers may even benefit in profit from that. We also have a pipeline of ongoing research projects, such as elicit information from survey questions, spillover effect of product prices, impact of trade policies on consumer markets, and impact of Covid-19 on food bank donations. We look forward to continuing our collaboration and exploring new opportunities. Thank you very much.