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

Julie Caswell ()

No 2008-8, Working Papers 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: cost-benefit analysis; food safety; risk prioritization (search for similar items in EconPapers)
JEL-codes: I18 L51 Q18 K32 H11 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2008-07
New Economics Papers: this item is included in nep-agr and nep-law
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