Expanding the Focus of Cost-Benefit Analysis for Food Safety: A Multi-Factorial Risk Prioritization Approach
AbstractA 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.
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Bibliographic InfoPaper provided by University of Massachusetts Amherst, Department of Resource Economics in its series Working Papers with number 2008-8.
Length: 10 pages
Date of creation: Jul 2008
Date of revision:
cost-benefit analysis; food safety; risk prioritization;
Find related papers by JEL classification:
- I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
- Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy
- K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
This paper has been announced in the following NEP Reports:
- NEP-AGR-2008-08-06 (Agricultural Economics)
- NEP-ALL-2008-08-06 (All new papers)
- NEP-LAW-2008-08-06 (Law & Economics)
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.:
- Krupnick, Alan & Taylor, Michael & Batz, Michael & Hoffmann, Sandra & Tick, Jody & Morris, Glenn & Sherman, Diane, 2004. "Identifying the Most Significant Microbiological Foodborne Hazards to Public Health: A New Risk Ranking Model," Discussion Papers dp-frsc-dp-01, Resources For the Future.
- Spencer J. Henson & Julie Caswell & John A. L. Cranfield & Aamir Frazil & Valerie J. Davidson & Sven M. Anders & Claudia Schmidt, 2007. "A Multi-Factorial Risk Prioritization Framework for Food-Borne Pathogens," Working Papers 2007-8, University of Massachusetts Amherst, Department of Resource Economics.
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