Hayes, Dermot J.; Shogren, Jason F.; Shin, Seung Youll; … - Department of Economics, Iowa State University - 1995
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...