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Food scares in an uncertain world
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Chambers, Robert G. and Melkonyan, Tigran A. (2013) Food scares in an uncertain world. Journal of the European Economic Association, Volume 11 (Number 6). pp. 1432-1456. doi:10.1111/jeea.12057 ISSN 1542-4766.
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Official URL: http://dx.doi.org/10.1111/jeea.12057
Abstract
We develop a model that explains the stylized facts of food scares: an immediate and sharp decline in consumption of the product followed by a slow and frequently partial recovery of demand after the scare passes. The model is used in conjunction with the natural experiment afforded by the ‘mad-cow’ crisis to elicit empirical information on decision makers' perception of uncertainty. Our theoretical and quantitative results suggest that observed behavior is consistent with sharp changes in beliefs and the presence of Knightian uncertainty, as measured by the degree of imprecision in our model.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Journal of the European Economic Association | ||||||
| Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||
| ISSN: | 1542-4766 | ||||||
| Official Date: | December 2013 | ||||||
| Dates: |
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| Volume: | Volume 11 | ||||||
| Number: | Number 6 | ||||||
| Page Range: | pp. 1432-1456 | ||||||
| DOI: | 10.1111/jeea.12057 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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