主讲人：王争（英国De Montfort University经济学副教授）
In the wake of rapid technological development, media information plays an increasingly important role in international trade. As opposed to the existing trade literature's focus on the supply side, this paper looks explicit into the less-explored demand side by investigating how global consumers respond to changes in media information on product quality. Using a discrete choice model, we structurally estimate the effect of the 2008 milk contamination scandal in China on global consumers' quality perception of Chinese dairy products. We find a significant impact of the scandal on imported milk from China in countries where consumers have a higher exposure to media information on the scandal. Overall, the awareness of the scandal causes a consumer welfare loss, which is only partly offset by utility gain from switching to safer yet more expensive alternatives. In addition, the above impact is relatively short-lived, and we do not find similarly strong evidence for non-milk diary-related products. Our findings highlight the necessity of accounting for the impact of media and market information on consumers in the development of a fuller, structural understanding of the role of information in trade.
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