Expanding the Focus of Cost-Benefit Analysis for Food Safety: A Multi-Factorial Risk Prioritization Approach

Julie Caswell ()

No 42131, Working Paper Series from University of Massachusetts, Amherst, Department of Resource Economics

Abstract: A pressing need in the area of food safety is a tool for making overall, macro judgments about which risks should be given priority for management. Governments often seek to base this prioritization on public health impacts only to find that other considerations also influence the prioritization process. A multi-factorial approach formally recognizes that public health, market-level impacts, consumer risk preferences and acceptance, and the social sensitivity of particular risks all play a role in prioritization. It also provides decision makers with a variety of information outputs that allow risk prioritization to be considered along different dimensions. Macro-level prioritization of risks based on multiple factors is an important expanded use of cost-benefit analysis to manage risk.

Keywords: Agricultural and Food Policy; Food Consumption/Nutrition/Food Safety; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 10
Date: 2008-07
New Economics Papers: this item is included in nep-agr and nep-law
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Working Paper: Expanding the Focus of Cost-Benefit Analysis for Food Safety: A Multi-Factorial Risk Prioritization Approach (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umamwp:42131

DOI: 10.22004/ag.econ.42131

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