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Absolute Versus Relative Risk Perceptions: An Application To Economic Values Of Seafood Safety

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  • Huang, Ju-Chin
  • Haab, Timothy C.
  • Whitehead, John C.

Abstract

We examine the impact of multiple risks of related goods on consumption of a risky good. We argue that the consumption of a risky good depends on both its absolute risk level and its relative risks to other risky goods. Seafood consumption in eastern North Carolina is studied. We elicit, in a survey, the individual perceived risks as the reference points to derive the economic value of reducing health risk in seafood consumption. Revealed and stated data are combined to trace out demand changes in response to absolute and relative risk reductions. Our results show that seafood consumption is affected by the perceived absolute risk and by the relative risk to poultry, which confirms that individuals react to the multiple risks in a nonlinear way--as predicted by our analytical model.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20731.

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Date of creation: 2001
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Handle: RePEc:ags:aaea01:20731

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Keywords: Food Consumption/Nutrition/Food Safety;

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  1. Wang, Hua, 1997. "Treatment of "Don't-Know" Responses in Contingent Valuation Surveys: A Random Valuation Model," Journal of Environmental Economics and Management, Elsevier, vol. 32(2), pages 219-232, February.
  2. Puto, Christopher P, 1987. " The Framing of Buying Decisions," Journal of Consumer Research, University of Chicago Press, vol. 14(3), pages 301-15, December.
  3. Adamowicz, Wiktor & Swait, Joffre & Boxall, Peter & Louviere, Jordan & Williams, Michael, 1997. "Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 32(1), pages 65-84, January.
  4. McCluskey, Jill Jennifer & Rausser, Gordon C, 2000. "Estimation of perceived risk and its effect on property values," CUDARE Working Paper Series 879R, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  5. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  6. Smith, V Kerry & Johnson, F Reed, 1988. "How Do Risk Perceptions Respond to Information? The Case of Radon," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 1-8, February.
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