Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation
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 w...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Western Agricultural Economics Association
2010-12-01
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| Series: | Journal of Agricultural and Resource Economics |
| Subjects: | |
| Online Access: | https://ageconsearch.umn.edu/record/97857 |
| _version_ | 1818447055958310912 |
|---|---|
| author | Paul A. Kivi Jason F. Shogren |
| author_facet | Paul A. Kivi Jason F. Shogren |
| author_sort | Paul A. Kivi |
| collection | DOAJ |
| description | 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 |
| first_indexed | 2024-12-14T19:57:32Z |
| format | Article |
| id | doaj.art-df7460f967564959adeda04f4977d2c6 |
| institution | Directory Open Access Journal |
| issn | 1068-5502 2327-8285 |
| language | English |
| last_indexed | 2024-12-14T19:57:32Z |
| publishDate | 2010-12-01 |
| publisher | Western Agricultural Economics Association |
| record_format | Article |
| series | Journal of Agricultural and Resource Economics |
| spelling | doaj.art-df7460f967564959adeda04f4977d2c62022-12-21T22:49:16ZengWestern Agricultural Economics AssociationJournal of Agricultural and Resource Economics1068-55022327-82852010-12-0135344345610.22004/ag.econ.9785797857Second-Order Ambiguity in Very Low Probability Risks: Food Safety ValuationPaul A. KiviJason F. ShogrenFood 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 ambiguityhttps://ageconsearch.umn.edu/record/97857ambiguityambiguity avoidanceexpected utility theoryfood safetylow probability eventsrisk second-order probabilitiesuncertainty |
| spellingShingle | Paul A. Kivi Jason F. Shogren Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation Journal of Agricultural and Resource Economics ambiguity ambiguity avoidance expected utility theory food safety low probability events risk second-order probabilities uncertainty |
| title | Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation |
| title_full | Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation |
| title_fullStr | Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation |
| title_full_unstemmed | Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation |
| title_short | Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation |
| title_sort | second order ambiguity in very low probability risks food safety valuation |
| topic | ambiguity ambiguity avoidance expected utility theory food safety low probability events risk second-order probabilities uncertainty |
| url | https://ageconsearch.umn.edu/record/97857 |
| work_keys_str_mv | AT paulakivi secondorderambiguityinverylowprobabilityrisksfoodsafetyvaluation AT jasonfshogren secondorderambiguityinverylowprobabilityrisksfoodsafetyvaluation |