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Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation

  • Kivi, Paul A.
  • Shogren, Jason F.

Food consumption involves inherently risky decisions with uncertain probabilities. This study examines how second-order ambiguity, or uncertainty over probabilities, affects food safety decisions. We conduct a food safety survey wherein subjects face both unambiguous and ambiguous situations, each with the same expected value. Respondents show a preference for unambiguous situations and state a willingness to pay to avoid ambiguity

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File URL: http://purl.umn.edu/97857
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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 35 (2010)
Issue (Month): 3 (December)
Pages:

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Handle: RePEc:ags:jlaare:97857
Contact details of provider: Web page: http://waeaonline.org/

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