ABSTRACT
The value of improvements in food safety can be measured by consumers’ “willingness to pay” (WTP), defined as the amount of money that consumers would voluntarily exchange for specified reductions in risk of foodborne illness. WTP for food safety depends on characteristics of the consumer, including total mortality risk, wealth or income, health, and other factors. This chapter reviews the economic theory of WTP for reductions in risk of fatality and chronic and acute morbidity, and considers issues that arise in the use of revealed-preference and contingent valuation methods for estimating WTP to reduce foodborne health risks.
