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Risk, fear, bird flu and terrorists: A study of risk perceptions and economics

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  • Turvey, Calum G.
  • Onyango, Benjamin
  • Cuite, Cara
  • Hallman, William K.

Abstract

This paper examines the relationship between risk perceptions, affect and the economic consequences of a bio-security threat against the U.S. food system. The main argument is that there exists a link between risk perceptions and economic behavior. The paper raises conjectures through a utility-theoretic economic model and examines these through two separate surveys, the first being a hypothetical agroterrorist attack and the second a hypothetical discovery of 'bird flu' in the United States. The results provide strong evidence that risk perception and fear can interact with consumption in an economically significant way.

Suggested Citation

  • Turvey, Calum G. & Onyango, Benjamin & Cuite, Cara & Hallman, William K., 2010. "Risk, fear, bird flu and terrorists: A study of risk perceptions and economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 1-10, January.
    • Handle: RePEc:eee:soceco:v:39:y:2010:i:1:p:1-10
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    References listed on IDEAS

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    Cited by:

    1. Lan Yi & Jianping Tao & Caifeng Tan & Zhongkun Zhu, 2019. "Avian Influenza, Public Opinion, and Risk Spillover: Measurement, Theory, and Evidence from China’s Broiler Market," Sustainability, MDPI, vol. 11(8), pages 1-44, April.
    2. Zhou, Li & Turvey, Calum G. & Hu, Wuyang & Ying, Ruiyao, 2016. "Fear and trust: How risk perceptions of avian influenza affect Chinese consumers’ demand for chicken," China Economic Review, Elsevier, vol. 40(C), pages 91-104.
    3. Ying (Jessica) Cao & David R. Just & Calum Turvey & Brian Wansink, 2015. "Existing Food Habits and Recent Choices Lead to Disregard of Food Safety Announcements," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(4), pages 491-511, December.
    4. Campos-Vazquez, Raymundo M. & Cuilty, Emilio, 2014. "The role of emotions on risk aversion: A Prospect Theory experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 50(C), pages 1-9.
    5. Rudisill, Caroline & Costa-Font, Joan & Mossialos, Elias, 2012. "Behavioral adjustment to avian flu in Europe during spring 2006: The roles of knowledge and proximity to risk," Social Science & Medicine, Elsevier, vol. 75(8), pages 1362-1371.
    6. Annika Djurle & Beth Young & Anna Berlin & Ivar Vågsholm & Anne-Lie Blomström & Jim Nygren & Anders Kvarnheden, 2022. "Addressing biohazards to food security in primary production," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 14(6), pages 1475-1497, December.
    7. Economou Athina & Kollias Christos, 2015. "Terrorism and Political Self-Placement in European Union Countries," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 21(2), pages 217-238, April.
    8. Zhou, Li & Turvey, Calum & Hu, Wuyang & Ying, Ruiyao, 2015. "Fear and Trust: How Risk Perceptions of Avian Influenza Affect the Demand for Chicken," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 202077, Agricultural and Applied Economics Association.
    9. Qingyin Cai & Yulian Ding & Calum Tuvey & Yuehua Zhang, 2021. "The influence of past experience on farmers’ preferences for hog insurance products: a natural experiment and choice experiment in China," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(3), pages 399-421, July.

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