Consumer welfare and the loss induced by withholding information: The case of BSE in ItalyMazzocchi, M., Stefani, G. and Henson, S. J. (2004) Consumer welfare and the loss induced by withholding information: The case of BSE in Italy. Journal of Agricultural Economics, 55 (1). pp. 41-58. ISSN 0021-857X Full text not archived in this repository. It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing. To link to this item DOI: 10.1111/j.1477-9552.2004.tb00078.x Abstract/SummaryThe paper develops a measure of consumer welfare losses associated with withholding it formation about a possible link between BSE and vCJD. The Cost of Ignorance (COI) is measured by comparing the utility of the informed choice with the utility of the uninformed choice, under conditions of improved information. Unlike previous work that is largely based on a single equation demand model, the measure is obtained retrieving a cost,function from a dynamic Almost Ideal Demand System. The estimated perceived loss for Italian consumers due to delayed information ranges from 12 percent to 54 percent of total meat expenditure, depending on the month assumed to embody correct beliefs about the safety level of beef.
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