Social and Behavioral Sciences Commons^™

Relative Valuation Of Food And Non-Food Risks With A Comparison To Actuarial Values: A Best–Worst Approach, Kayode Ajewole, Elliott James Dennis, Ted C. Schroeder, Jason Bergtold

Department of Agricultural Economics: Faculty Publications

This study empirically tests the relative importance that U.S. consumers place on immediate and long-term food and non-food risks. We use a best–worst survey method to elicit relative rankings and weights for each risk in terms of its perceived cost and likelihood. Immediate food risks are perceived to be more costly but less likely than long-term food risks. Immediate non-food risks are perceived to be both more costly and likely than long-term non-food risks. Overall, food risks are perceived to be less expensive than non-food risks. The combination of perceived cost and likelihood is used to define a measure of …