This paper explores the origins of the strikingly high price premia paid for new food products in lab valuation exercises. Our experimental design distinguishes between two explanations of this phenomenon: novelty of the experimental experience versus the novelty of the good, i.e., preference...

This paper explores the origins of the strikingly high price premia paid for new food products in lab valuation exercises. Our experimental design distinguishes between two explanations of this phenomenon: novelty of the experimental experience versus the novelty of the good, i.e., preference...

Laboratory auctions show that consumers may be willing to pay more for pathogen-free food products treated with technologies such as irradiation, but the degree to which they are willing to pay may depend on the messages ï¾– pro and con ï¾– they hear and read.

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The public must decide between assertions made about food safety through irradiation by advocacy groups and by scientific experts. Herein we discuss the policy implications of experimental results that show how favorable and unfavorable information on food irradiation to reduce risks affects...

In this paper, we value food safety in a nonhypothetical setting - experimental auction markets. First, subjects underestimate the relatively low probabilities of food-borne illness. Second, measures of value are within a relatively fiat range across a wide range of risks, even with repeated...

We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process...

We design and implement a method, CVM-X, to calibrate hypothetical survey values using experimental auction markets. We test the procedure using consumer willingness-to-pay for irradiated/nonirradiated meat. Our results show that calibration factors for those who favor the irradiation process...