Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 414455
Title State of the art in benefit–risk analysis: Economics and Marketing-Finance
Author(s) Kalogeras, N.; Odekerken-Schröder, G.; Pennings, J.M.E.; Gunnlaugsdóttir, H.; Holm, F.; Leino, O.; Luteijn, J.M.; Magnússon, S.H.; Pohjola, M.V.; Tijhuis, M.J.; Tuomisto, J.T.; Ueland, O.; White, B.C.; Verhagen, H.
Source Food and Chemical Toxicology 50 (2012)1. - ISSN 0278-6915 - p. 56 - 66.
Department(s) Marketing and Consumer Behaviour
Chair Nutrition and Health over the Lifecourse
Chair Nutrition and Disease
Publication type Refereed Article in a scientific journal
Publication year 2012
Keyword(s) perceived risk - utility-functions - expected utility - empirical-test - product quality - consumer choice - attitudes - farmers - model - aversion
Abstract All market participants (e.g., investors, producers, consumers) accept a certain level of risk as necessary to achieve certain benefits. There are many types of risk including price, production, financial, institutional, and individual human risks. All these risks should be effectively managed in order to derive the utmost of benefits and avoid disruption and/or catastrophic economic consequences for the food industry. The identification, analysis, determination, and understanding of the benefit–risk trade-offs of market participants in the food markets may help policy makers, financial analysts and marketers to make wellinformed and effective corporate investment strategies in order to deal with highly uncertain and risky situations. In this paper, we discuss the role that benefits and risks play in the formation of the decision-making process of market-participants, who are engaged in the upstream and downstream stages of the food supply chain. In addition, we review the most common approaches (expected utility model and psychometrics) for measuring benefit–risk trade-offs in the economics and marketing-finance literature, and different factors that may affect the economic behaviour in the light of benefit–risk analyses. Building on the findings of our review, we introduce a conceptual framework to study the benefit–risk behaviour of market participants. Specifically, we suggest the decoupling of benefits and risks into the separate components of utilitarian benefits, hedonic benefits, and risk attitude and risk perception, respectively. Predicting and explaining how market participants in the food industry form their overall attitude in light of benefit–risk trade-offs may be critical for policy-makers and managers who need to understand the drivers of the economic behaviour of market participants with respect to production, marketing and consumption of food products Keywords: Benefit–risk trade-offs Decoupling Utility Economics Marketing-Finance
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