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Related Experiment Videos

Information and risk perception: a dynamic adjustment process

S Liu1, J C Huang, G L Brown

  • 1Department of Economics, University of New Hampshire.

Risk Analysis : an Official Publication of the Society for Risk Analysis
|February 11, 1999
PubMed
Summary
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Consumers gradually adjust consumption after food contamination events, influenced by media coverage. Trust in information evolves over time, affecting risk perception and purchasing decisions.

Area of Science:

  • Behavioral Economics
  • Risk Perception Dynamics
  • Consumer Psychology

Background:

  • Consumers often exhibit delayed consumption adjustments following catastrophic events, particularly in food safety.
  • Gradual acceptance of trustworthy information is key to normalizing consumption patterns.
  • Media coverage, both positive and negative, significantly influences the perceived trustworthiness of information over time.

Purpose of the Study:

  • To extend prospective reference theory with a dynamic risk perception adjustment process.
  • To model how media coverage influences consumer trust and consumption.
  • To analyze the asymmetric temporal effects of media information on risk perception and demand.

Main Methods:

  • Extension of prospective reference theory to incorporate dynamic risk perception updating.

Related Experiment Videos

  • Development of a general model for risk perception adjustment to media coverage.
  • Case study analysis of consumer demand adjustment following a milk contamination event.

    • Main Results:

    • Consumer risk perception and consumption levels adjust gradually, not instantaneously, to new information.
    • The trustworthiness of information is established dynamically through ongoing media coverage.
    • Positive and negative media information have asymmetric impacts on consumption and risk perception over time.

    Conclusions:

    • Media coverage plays a critical role in shaping consumer trust and risk perception post-contamination.
    • The dynamic adjustment model explains temporal consumption patterns for various goods.
    • Understanding these asymmetric effects is crucial for managing consumer behavior during crises.