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Risk, fear, bird flu and terrorists: A study of risk perceptions and economics

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  • Turvey, Calum G.
  • Onyango, Benjamin
  • Cuite, Cara
  • Hallman, William K.
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    Abstract

    This paper examines the relationship between risk perceptions, affect and the economic consequences of a bio-security threat against the U.S. food system. The main argument is that there exists a link between risk perceptions and economic behavior. The paper raises conjectures through a utility-theoretic economic model and examines these through two separate surveys, the first being a hypothetical agroterrorist attack and the second a hypothetical discovery of 'bird flu' in the United States. The results provide strong evidence that risk perception and fear can interact with consumption in an economically significant way.

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    File URL: http://www.sciencedirect.com/science/article/B6W5H-4X66S4C-1/2/c020640f11d8cfaa33814213d23904fb
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 39 (2010)
    Issue (Month): 1 (January)
    Pages: 1-10

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    Handle: RePEc:eee:soceco:v:39:y:2010:i:1:p:1-10

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    Web page: http://www.elsevier.com/locate/inca/620175

    Related research

    Keywords: Agroterrorism Avian influenza Bird flu Agricultural terrorism Consumer hysteresis Food safety Risk perceptions Economics and fear;

    References

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    1. Blomberg, S. Brock & Hess, Gregory D. & Orphanides, Athanasios, 2004. "The macroeconomic consequences of terrorism," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 1007-1032, July.
    2. Arrow, Kenneth J, 1982. "Risk Perception in Psychology and Economics," Economic Inquiry, Western Economic Association International, vol. 20(1), pages 1-9, January.
    3. Gocke, Matthias, 2002. " Various Concepts of Hysteresis Applied in Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 16(2), pages 167-88, April.
    4. Julie A. Caswell & Eliza M. Mojduszka, 1996. "Using Informational Labeling to Influence the Market for Quality in Food Products," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(5), pages 1248-1253.
    5. Bocker, Andreas & Hanf, Claus-Hennig, 2000. "Confidence lost and -- partially -- regained: consumer response to food scares," Journal of Economic Behavior & Organization, Elsevier, vol. 43(4), pages 471-485, December.
    6. Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 171-181.
    7. Runge, C. Ford, 2002. "National Security And Bioterrorism: A U.S. Perspective," Working Papers 14384, University of Minnesota, Center for International Food and Agricultural Policy.
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    Citations

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    Cited by:
    1. Campos-Vazquez, Raymundo M. & Cuilty, Emilio, 2013. "The Role of Emotions on Risk Aversion: A prospect theory experiment," MPRA Paper 48280, University Library of Munich, Germany.
    2. Rudisill, Caroline & Costa-Font, Joan & Mossialos, Elias, 2012. "Behavioral adjustment to avian flu in Europe during spring 2006: The roles of knowledge and proximity to risk," Social Science & Medicine, Elsevier, vol. 75(8), pages 1362-1371.

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