Abstract
The purpose of the research is to evaluate the impact of different kinds of information disclosures of milk labels, investigating the interest among consumers based on their consumption behaviours and characteristics. In this research, all the actions which lead to a healthiness, become expressions of a production process, among which consumers’ food choices, purchase, preparation, and also self-production. Therefore, in the “health creation” production process, information and knowledge about food become “investments”. In this context, label disclosures become a tangible expression of this kind of “investment”. The research question is: what impact do purchase preferences and consumers’ characteristics have on their interest towards the label information provided? Several information disclosures, both mandatory and voluntary, are investigated. Therefore, some choice attributes will be analysed as indicators of the consumer’s behaviour in relation to his investment in food information. The methodology used for the analysis is an Ordered Logit. The analysis of the consumer’s behaviour has been performed by transposing Ménard’s analysis of firm corporate governance (Ménard, Agribus. 34:142–160, 2018) to the consumer as producer of welfare equity. The reduction of information asymmetry is a cost for the producer, and this research may be able to measure how much it would be convenient to invest in this reduction, based on the analysis of the consumer’s behaviour toward his personal investment in food information acquisition.
Highlights
The information asymmetry between producer and consumer is a very important strategic element, which the seller can use either to his advantage or to conceal a flaw (Akerlof 1970; Hobbs and Kerr 2006)
Results of the models To test the research question previously formulated through the Eq 1, we performed a set of 6 ordered Logit models, one for each label information considered in the dependent variable (Tables 3 and 4)
Interest in nutritional information disclosure As the results show, the interest in this kind of disclosure is linked with the consumer’s choice attributes cattle welfare and taste, which lead to a “conscious choice”
Summary
The information asymmetry between producer and consumer is a very important strategic element, which the seller can use either to his advantage or to conceal a flaw (Akerlof 1970; Hobbs and Kerr 2006). The Italian drinking milk market is currently experiencing a crisis, with a constriction in sales of 1.8% between 2015 and 2017, and 2.5% in consumption (Assolatte 2017). Some consumers may consider sufficient this kind of information, because they trust the production system and national law system, and not needing any further information or participation to the production process Otherwise, they might acquire a high perception of risk, which could lead to the need for a new personal system of rules (Babutsidze 2007). They might acquire a high perception of risk, which could lead to the need for a new personal system of rules (Babutsidze 2007) This can be considered a consumer’s centralisation of decision rights about information, and so greater knowledge, and more participation to the production process
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