AN EXPERIMENTAL APPROACH TO ESTIMATING WILLINGESS-TOPAY FOR IMPROVEMENTS IN FOOD SAFETY
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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 with the naive (bid
without this risk information. There appears to be no significant difference in WTP
regarding different magnitudes of risk reduction.