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Expanding the Focus of Cost-Benefit Analysis for Food Safety: A Multi-Factorial Risk Prioritization Approach

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  • Julie A. Caswell

    ()
    (Department of Resource Economics, University of Massachusetts Amherst)

Abstract

A 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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File URL: http://courses.umass.edu/resec/workingpapers/documents/ResEcWorkingPaper2008-8.pdf
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Bibliographic Info

Paper provided by University of Massachusetts Amherst, Department of Resource Economics in its series Working Papers with number 2008-8.

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Length: 10 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:dre:wpaper:2008-8

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Web page: http://www.umass.edu/resec/
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Keywords: cost-benefit analysis; food safety; risk prioritization;

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  1. 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.
  2. 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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