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

Paul Kivi · Jason F. Shogren

14 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Risk Perception and Management Economic and Environmental Valuation

Abstract

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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1921Risk, Uncertainty and Profit 1961Risk, Ambiguity, and the Savage Axioms 2005A Smooth Model of Decision Making under Ambiguity 1992Recent developments in modeling preferences: Uncertainty and ambiguity 1991Preference and belief: Ambiguity and competence in choice under uncertainty 1995Ambiguity Aversion and Comparative Ignorance 1992Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio 1978Disaster insurance protection: Public policy lessons

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