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Perceived Hazard and Product Choice: An Application to Recreational Site Choice

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Author Info
 Jakus, Paul M
Shaw, W Douglass

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Abstract

We develop a "perceived hazard" model that estimates consumers' endogenous risk perceptions about products. These perceptions are then linked to a model of product choice. Our approach thus departs from the expected utility model that depends upon external risk assessments. In an application to recreational fishing, we find that anglers' perceived hazards associated with fish consumption advisories do affect product (recreational site) choice. Anglers' perceptions also affect welfare measures because the benefits of contaminant removal flow from these perceptions. The perceived hazard/product choice model is applicable to a wide variety of risky choices consumers face. Copyright 2003 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 26 (2003)
Issue (Month): 1 (January)
Pages: 77-92
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Handle: RePEc:kap:jrisku:v:26:y:2003:i:1:p:77-92

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-19, November. [Downloadable!] (restricted)
  2. Train, Kenneth & McFadden, Daniel & Johnson, Reed, 2000. "Discussion of Morey and Waldman's "Measurement Error in Recreation Demand Models"," Journal of Environmental Economics and Management, Elsevier, vol. 40(1), pages 76-81, July. [Downloadable!] (restricted)
  3. Mark Montgomery & Michael Needelman, 1997. "The Welfare Effects of Toxic Contamination in Freshwater Fish," Land Economics, University of Wisconsin Press, vol. 73(2), pages 211-223. [Downloadable!] (restricted)
  4. Morey, Edward R. & Waldman, Donald M., 1998. "Measurement Error in Recreation Demand Models: The Joint Estimation of Participation, Site Choice, and Site Characteristics," Journal of Environmental Economics and Management, Elsevier, vol. 35(3), pages 262-276, May. [Downloadable!] (restricted)
  5. Parsons, George R. & Jakus, Paul M. & Tomasi, Ted, 1999. "A Comparison of Welfare Estimates from Four Models for Linking Seasonal Recreational Trips to Multinomial Logit Models of Site Choice," Journal of Environmental Economics and Management, Elsevier, vol. 38(2), pages 143-157, September. [Downloadable!] (restricted)
  6. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June. [Downloadable!] (restricted)
  7. W. Kip Viscusi & William N. Evans, 1998. "Estimation Of Revealed Probabilities And Utility Functions For Product Safety Decisions," The Review of Economics and Statistics, MIT Press, vol. 80(1), pages 28-33, February. [Downloadable!] (restricted)
  8. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-54, Summer. [Downloadable!] (restricted)
  9. W. Kip Viscusi & Wesley A. Magat & Joel Huber, 1999. "Smoking Status and Public Responses to Ambiguous Scientific Risk Evidence," Southern Economic Journal, Southern Economic Association, vol. 66(2), pages 250-270, October.
  10. McCluskey, Jill Jennifer & Rausser, Gordon C., 1999. "Estimation of perceived risk and its effect on property values," CUDARE Working Paper Series 879, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy, revised 2000.
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  11. George R. Parsons & A. Brett Hauber, 1998. "Spatial Boundaries and Choice Set Definition in a Random Utility Model of Recreation Demand," Land Economics, University of Wisconsin Press, vol. 74(1), pages 32-48. [Downloadable!] (restricted)
  12. Jakus, Paul M. & Downing, Mark & Bevelimer, Mark S. & Fly, J. Mark, 1997. "Do Sportfish Consumption Advisories Affect Reservoir Anglers' Site Choice?," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(2), October. [Downloadable!]
  13. Shaw, W Douglass & Shonkwiler, J Scott, 2000. " Brand Choice and Purchase Frequency Revisited: An Application to Recreation Behavior," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(3), pages 515-26, August. [Downloadable!] (restricted)
  14. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Krupnick, Alan & McGuinness, Meghan & Jakus, Paul, 2002. "The Benefits and Costs of Fish Consumption Advisories for Mercury," Discussion Papers dp-02-55, Resources For the Future. [Downloadable!]
  2. Timothy C. Haab & John C. Whitehead & George R. Parsons & Jammie Price, 2008. "Effects of Information about Invasive Species on Risk Perception and Seafood Demand by Gender and Race," Working Papers 08-02, Department of Economics, Appalachian State University. [Downloadable!]
  3. Thomann, Christian & Pascalau, Razvan & von der Schulenburg, J.-Matthias Graf & Gas, Bruno, 2007. "Corporate Management of Highly Dynamic Risks: The Case of Terrorism Insurance in Germany," MPRA Paper 7221, University Library of Munich, Germany. [Downloadable!]
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