This paper presents the results obtained from two experimental auctions regarding consumer willingness-to-pay (WTP) for food safety improvements. The research found a positive WTP for food safety. However WTP amounts are different when participants bid with objective risk information as compared...

Because the analysis of risky choice in agriculture and rural resource management is important but difficult, we argue that there is a need for some agreed principles on how to proceed. This paper is intended as a first step to this end. We start with the proposition that the importance of risk...

Utility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.

There is potential for over-provision of environmental harms and under-provision of environmental benefits associated with GM crops. As a result, strong public regulation is needed to ensure that full social values are considered. However, one reason for opposition to GM crops is a lack of...

This paper analyses a fisheries management strategy, marine reserves switching, in which a non-fishing area is created, removed, or rotated from one site to another according to economic criteria through time. Using a dynamic optimisation framework under uncertainty, with the different fish...