Using a laboratory experiment, we investigate the validity of stated risks elicited via the Exchangeability Method (EM) using an evaluation method based on de Finetti’s notion of coherence, under which probability estimates are valid if and only if they obey all axioms of probability theory....

Risk aversion is well established in the health and safety literature, and ambiguity is addressed in theoretical and experimental economics literature, but few theoretically-consistent empirical models addressing the relationship between ambiguity, risk, and preferences exist. Even fewer address...

The demand for bottled water has increased rapidly over the past decade, but bottled water is extremely costly compared to tap water. The convenience of bottled water surely matters to consumers, but are others factors at work? This manuscript examines whether purchases of bottled water are...

Experimental subjects receive a different presentation of a food product's potential health risk reductions if people habitually eat it, and then asked to bid for the product. Results suggest that the bids vary across the groups that receive differing risk information.

Self protection and altruism are crucial behavioral factors in determining the effectiveness of public policies aimed to improve human health from environmental hazards. This paper examined people’s arsenic mortality risk perception in the drinking water for themselves and their children using...

We examine how people might evaluate a product with novel attribute, given various kinds of risk information. Using a product with healthful benefits, we assess subjects' willingness to pay given various kinds of health risk information conveying reduced health risks, life tradeoffs, and...