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Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation

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Author Info

  • Kivi, Paul A.
  • Shogren, Jason F.

Abstract

Food consumption involves inherently risky decisions with uncertain probabilities. This study examines how second-order ambiguity, or uncertainty over probabilities, affects food safety decisions. We conduct a food safety survey wherein subjects face both unambiguous and ambiguous situations, each with the same expected value. Respondents show a preference for unambiguous situations and state a willingness to pay to avoid ambiguity

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File URL: http://purl.umn.edu/97857
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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 35 (2010)
Issue (Month): 3 (December)
Pages:

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Handle: RePEc:ags:jlaare:97857

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Web page: http://waeaonline.org/
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Related research

Keywords: ambiguity; ambiguity avoidance; expected utility theory; food safety; low probability events; risk; second-order probabilities; uncertainty; Risk and Uncertainty;

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Cited by:
  1. Cerroni, Simone & Notaro, Sandra & Shaw, W. Douglass, 2012. "Eliciting and estimating valid subjective probabilities: An experimental investigation of the exchangeability method," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 201-215.
  2. Cerroni, Simone & Notaro, Sandra & Shaw, W. Douglass, 2013. "How many bad apples are in a bunch? An experimental investigation of perceived pesticide residue risks," Food Policy, Elsevier, vol. 41(C), pages 112-123.

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