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...

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Hayes, D.J., J.B. Kliebenstein, J.F. Shogren, and J.A. Fox. "Economics of Food Safety," Proceedings of Food Safety Consortium Annual Meeting, Kansas City, MO, Oct. 25-26, 1995, pp. 73-74.

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