With the increasing interest in food safety, genetically modified organisms (GMO) have been a topic of intense public debate. To provide a basis for rational debate and develop an appropriate GMO labeling policy, the Korean government is interested in consumer attitudes and responses to GMO labeling policies. In this light, by employing a survey approach that is called “contingent valuation,” the present study attempted to measure the public's willingness to pay (WTP) that are more stringent than the prevailing policies in Korea. Furthermore, in order to enhance statistical efficiency in WTP estimation and reduce the response effect in the context of WTP elicitation, this study employed a one-and-one-half bound dichotomous choice format. The estimate of the annual mean WTP for GMO labeling policies is 3,756 Korean won (USD 4.04) per household. This quantitative information can be utilized in developing policies related to genetically modified foods.