Sharing | Prof. Ren Yanjun, School of Economics and Management, Northwest Agriculture and Forestry University (NWAFU), has made the latest progress in functional food consumption.

Recently, Prof. Ren Yanjun's team from School of Economics and Management published a paper entitled "Does risk preference matter to consumers' willingness The paper entitled "Does risk preference matter to consumers' willingness to pay for functional food: Evidence from lab experiments using the eye-tracking technology" was published in Food Quality and Preference (Chinese Academy of Sciences, Region I, Top), discussing consumers' preference for functional food and its physiological mechanism. Master's student Zhen Shihang is the first author, Prof. Xia Xianli is the second author, Prof. Ren Yanjun and Prof. Fu Hanliang from Xi'an University of Architecture and Technology are the corresponding authors. As the first academic paper published since the establishment of the Behavioral and Policy Simulation Laboratory in the School of Economics and Management, this research provides new ideas and methods to promote the innovation of research paradigms and cross-disciplinary integration in agricultural and forestry economic management.

Visual Heat Map - Low Risk Appetite

Visual Heat Map - High Risk Appetite

As nutritional health issues are becoming more prominent globally, functional foods are thought to address this challenge by realizing nutritional health benefits. However, consumers' willingness to pay for functional foods, the impact of consumers' risk preference profiles on their willingness to pay, and the exploration of the physiological mechanisms behind the process of functional food consumption are unclear. This study used a discrete choice experiment to investigate the effect of risk preferences on consumers' functional food consumption preferences and willingness to pay, focusing on four attributes of dairy products: origin, organic labeling, functionality, and price. In addition, the study further explored the underlying physiological mechanisms through eye-tracking technology.

The results of the study show that there are differences in consumers' preferences and willingness to pay for dairy products with different attributes. Consumers with a high risk preference were more likely to purchase functional dairy products than those with a low risk preference. Evidence from eye-tracking experiments suggests that visual attention to attributes is positively related to consumer preference. Consumers with a high risk preference pay more attention to functional product attributes and show a higher likelihood to pay. The findings suggest that the sales side should take into account consumers' risk preference characteristics when promoting the purchase of functional foods and use a variety of visual marketing measures to increase consumers' willingness to purchase.

The Behavioral Economics and Policy Simulation Laboratory of the School of Economics and Management consists of four functional areas: Neuroeconomics Laboratory, Behavioral Economics Laboratory, Virtual Reality (VR) Laboratory and Policy Simulation Laboratory, which closely integrates the development of academic disciplines and scientific research needs of the School, and highly grasps the innovation of cutting-edge theories and methods of academic disciplines. Through the cutting-edge technology of neuroscience and advanced equipment, the laboratory provides neurological basis for the analysis of individual behavior, carries out in-depth behavioral economic and policy analysis process of human behavior in the internal mechanism and driving mechanism, focusing on supporting the theory and policy of agricultural economy, resource utilization and environmental management, rural revitalization theory and policy, rural financial management and other research areas.

This research was supported by the Shaanxi Qinchuangyuan Citation of High-level Innovative and Entrepreneurial Talents Program and the National Natural Science Foundation of China (Faceted Program).

The full article can be viewed by clicking on the "Read more" link at the end of the article.

Cheng Wenjing/Wen

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