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Reconstructing market reactions to consumption harms created by Michael McCullough, Thomas Marsh and R. Huffaker

By: Contributor(s): Material type: TextTextSeries: Applied economics letters ; Volume 20, number 2New York: Taylor and Francis, 2013Content type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISSN:
  • 1350481
Subject(s): LOC classification:
  • HB1.A666 APP
Online resources: Abstract: We investigate dynamic market reactions from harmful events using phase space reconstruction to analyse nonlinear dynamical systems. Phase space reconstruction analysis is applied to US beef consumption data, demonstrating market deviations and transitions from plausible, stable consumption patterns in response to product attributes (latent or nonlatent) coinciding with longer or shorter term human health harms (e.g. cholesterol) or food safety harms (e.g. Escherichia coli and Bovine Spongiform Encephalopathy (BSE)). The results support complex, nonlinear dynamic behavioural responses to perceived consumption harms. Consistent with previous research, the perceived negative long-run health effect from cholesterol caused consumers to transition their consumption behaviour from a higher to a lower level while retaining a persistent seasonal pattern. In contrast, responses to food safety information (i.e. E. coli or BSE) about beef derived from phase space reconstruction demonstrated temporary deviations from stable consumption patterns.
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We investigate dynamic market reactions from harmful events using phase space reconstruction to analyse nonlinear dynamical systems. Phase space reconstruction analysis is applied to US beef consumption data, demonstrating market deviations and transitions from plausible, stable consumption patterns in response to product attributes (latent or nonlatent) coinciding with longer or shorter term human health harms (e.g. cholesterol) or food safety harms (e.g. Escherichia coli and Bovine Spongiform Encephalopathy (BSE)). The results support complex, nonlinear dynamic behavioural responses to perceived consumption harms. Consistent with previous research, the perceived negative long-run health effect from cholesterol caused consumers to transition their consumption behaviour from a higher to a lower level while retaining a persistent seasonal pattern. In contrast, responses to food safety information (i.e. E. coli or BSE) about beef derived from phase space reconstruction demonstrated temporary deviations from stable consumption patterns.

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