Hazard Warnings and Risk Information

W. Kip Viscusi

in Rational Risk Policy

Published in print March 1998 | ISBN: 9780198293637
Published online November 2003 | e-ISBN: 9780191596995 | DOI:
 Hazard Warnings and Risk Information

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Hazard warnings can potentially play a constructive policy role by providing risk information when people are not informed of the risk. Cigarette warnings are a principal example of how the public can be informed adequately of the risk and can form risk beliefs comparable to the actual product risk. Warnings can potentially alter discrete decisions, such as whether or not to use a product or take a job, as well as precautionary behaviour with respect to a product or a job. In Bayesian learning contexts, effective warnings are those that provide accurate new information in an effective manner.

Keywords: Bayesian learning; hazard warnings; risk beliefs; risk information; smoking

Chapter.  6018 words.  Illustrated.

Subjects: Microeconomics

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