Second-Order Ambiguity in Very Low Probability Risks: Food Safety Valuation
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Food consumption involves inherently risky decisions with uncertain probabilities. This
study examines how second-order ambiguity, or uncertainty over probabilities, affects
food safety decisions. We conduct a food safety survey wherein subjects face both
unambiguous and ambiguous situations, each with the same expected value. Respondents
show a preference for unambiguous situations and state a willingness to pay to avoid
ambiguity