MISASSESSED RISK IN CONSUMER VALUATION OF FOOD SAFETY: AN EXPERIMENTAL APPROACH

Jennifer Brown, John Cranfield and Spencer J. Henson

No 22194, 2003 Annual meeting, July 27-30, Montreal, Canada from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This study estimates Canadian consumers' willingness to pay for food safety improvements and identifies systematic misassessments of food-borne risks. Non-hypothetical experimental auctions were used to elicit consumer valuations of food safety improvement. Consistent with behavioural research, results suggest that subjects generally overestimate the likelihood of becoming ill due to food-borne disease relative to scientifically-estimated odds. Subjects were willing to pay a positive amount to reduce food-safety risk. Risk reductions' valuations increased with higher initial risk, supporting arguments of diminishing marginal value for risk reductions.

Keywords: Food; Consumption/Nutrition/Food; Safety (search for similar items in EconPapers)
Pages: 39
Date: 2003
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea03:22194

DOI: 10.22004/ag.econ.22194

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