Health Risks in Food Products, Learning Opportunity and Values of Risk Information: An Application of Self-Protection Model

Young Sook Eom
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Young Sook Eom: Chonbuk National University

Korean Economic Review, 1997, vol. 13, issue 2, 193-213

Abstract: Health risks from food product consumption have received increased attention in recent years as a major consumer concern. Currently available empirical evi-dence suggests that consumers' concerns about food-related risks seem to moti-vate them to undertake some types of protective actions. Yet consumers seem to have difficulty dealing with low-probability events, but are able to learn about the risks after receiving new information. This paper proposes to develop a con-ceptual framework integrating these three separately treated components in dealing with food safety risks— risk perceptions, learning and averting behavior— into a single and consistent model of a two-period framework of expected utility maxi-mization. The ex ante value of risk information derived from the theoretical analysis reflects both changes in self-protection expenditures and values of im-proved decision making due to learning about health risks over time.

Keywords: Helth Risk Information; Self--Protective Behavior; Risk Perception and Learning Processes; Value of Risk Information (search for similar items in EconPapers)
JEL-codes: D83 I12 (search for similar items in EconPapers)
Date: 1997
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