Influence of Loss Aversion and Income Effect on Consumer Food Choice for Food Safety and Quality Labels
| Autor: | Taiping Li, Wenjing Nie, Huimin Bo, Jing Liu |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Food industry
media_common.quotation_subject difference food choice food quality 01 natural sciences Supply and demand loss aversion 0404 agricultural biotechnology Loss aversion Food choice Production (economics) Psychology Quality (business) General Psychology media_common Original Research Public economics business.industry 010401 analytical chemistry digestive oral and skin physiology 04 agricultural and veterinary sciences Food safety 040401 food science 0104 chemical sciences BF1-990 food safety Food quality business income effect |
| Zdroj: | Frontiers in Psychology, Vol 12 (2021) Frontiers in Psychology |
| ISSN: | 1664-1078 |
| DOI: | 10.3389/fpsyg.2021.711671/full |
| Popis: | Food safety and food quality are two closely related aspects of the food management system. The difference between the two is that one keeps consumers safe while the other keeps consumers satisfied. This study examined the differences in how consumers value food safety and food quality with a focus on the influence of loss aversion on one’s psychological level and of income effect on one’s socio-demographic level. Our findings indicate that loss aversion and income effect significantly influence the way consumers value food safety vs. quality labels when considering potential health risks and food price. High risk-averse and low-income consumers with strong loss aversion and a weak income effect show a higher demand for food safety labels as a way to ensure easy access to safety indications. Low risk-averse and high-income consumers with weak loss aversion and a strong income effect show a higher demand for food quality labels because they hope to gain more health benefits from high-quality food at good prices. This study provides insights that will assist public authorities and food industry in balancing food safety control and food quality improvement in order to meet the heterogeneous market demand changing alongside the transition of China’s food consumption and production. |
| Databáze: | OpenAIRE |
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