First, it is always unclear whether the omitted-variable bias exists because the “true” model is unknown. Thus, future research may include more covariates other than the ones considered here to minimize the bias. Moreover, studies like the present study rely on consumers’ capacity to honestly report information on the food consumed. Future research may consider other methodologies that can actually observe and report all foods consumed and the cost associated with them. This way, it will also be possible to capture other personal, cultural, socio-economic, and behavioural characteristics of the consumers which are difficult to assess using the present methodology. However, data of this nature would be expensive to collect.
First, it is always unclear whether the omitted-variable bias exists because the “true” model is unknown. Thus, future research may include more covariates other than the ones considered here to minimize the bias. Moreover, studies like the present study rely on consumers’ capacity to honestly report information on the food consumed. Future research may consider other methodologies that can actually observe and report all foods consumed and the cost associated with them. This way, it will also be possible to capture other personal, cultural, socio-economic, and behavioural characteristics of the consumers which are difficult to assess using the present methodology. However, data of this nature would be expensive to collect.