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| Cho, Bo-Hyun; Hooker, Neal H.. |
| This paper provides a novel methodology to measure the impact of food safety regulation. An output directional distance function approach is applied to estimate the opportunity cost of food safety regulation and the shadow price of food risk. Such measures should be included as part of the overall cost of compliance for a more precise comparison of the benefits and costs of food safety regulation. Further, comparing the implicit shadow price of food risk and willingness to pay for food safety can bridge the gap of understanding how valuable safer foods are from the perspective of two different market participants - consumers and firms respectively. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Food Consumption/Nutrition/Food Safety. |
| Ano: 2004 |
URL: http://purl.umn.edu/28316 |
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| Cho, Bo-Hyun; Hooker, Neal H.. |
| Food safety regulations are evolving to more performance-based regimes in which firrms have greater flexibility and responsibility for adopting effective controls. Within this context, this paper compares performance and process standards modeling the variability of industry-level compliance and therefore the resultant level of food safety. Monte Carlo simulations are conducted manipulating five factors: the variances of input use of efficient and inefficient firms, the proportion of inefficient firms in the industry, the mean of the error term for inefficient firms, and the policymakers' level of risk aversion. Results suggest that process standards may be preferred over performance standards when inefficient firms prevail in the industry, when input use... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Food Consumption/Nutrition/Food Safety. |
| Ano: 2006 |
URL: http://purl.umn.edu/21077 |
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| Cho, Bo-Hyun; Hooker, Neal H.. |
| This paper provides a novel methodology to measure the impact of food safety regulation. An output directional distance function approach is applied to estimate the opportunity cost of food safety regulation. Such a measure should be included as part of the overall cost for a more precise benefit-cost analysis of food safety regulation. Using US Census and food safety recall data, the value of potential output loss due to food safety regulation is suggested $2.5 billion. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Food Consumption/Nutrition/Food Safety. |
| Ano: 2004 |
URL: http://purl.umn.edu/20016 |
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