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

Kivi, P. A.
Shogren, Jason F.
Abstract
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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.
Date
2010-12-01
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Publisher
University of Wyoming. Libraries
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Keywords
ambiguity , ambiguity avoidance , expected utility theory , food safety , low probability events , risk , second-order probabilities , uncertainty , Economics
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