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The Impact of Risk Communication on Consumption and Consumer Well-Being

Author

Listed:
  • Martin, Ingrid M.
  • Stewart, David W.

Abstract

In this monograph, we build on the risk communication and the psychology of information processing and decision-making literatures, while extending this work through an explicit discussion of the philosophical foundations of risk communication, regulations, and the implications for communication and policy decisions. In addition, we explore the multidimensional context in which individuals confront risks and make trade-offs with respect to the costs and benefits in specific situations. We discuss various examples of risk-related products and behaviors, which are offered to illustrate the issues that arise when addressing risk in a multidimensional context where scientific information is incomplete and/or ambiguous and there are economic and social costs, as well as benefits, associated with any policy related to communicating and managing risk. Questions remain about how government and policy can respond to the increasing pace of technology change. The regulatory process is, by definition, slow and has difficulty keeping up with the accelerating dynamics of the environment. Are there more responsive market mechanisms that can substitute for government regulation, while still providing protection to individuals? Finally, as society creates “safer” products and processes, there is the potential for triggering more severe risks as a result of the feeling of safety and security.

Suggested Citation

  • Martin, Ingrid M. & Stewart, David W., 2019. "The Impact of Risk Communication on Consumption and Consumer Well-Being," Foundations and Trends(R) in Marketing, now publishers, vol. 12(3), pages 167-277, June.
    • Handle: RePEc:now:fntmkt:1700000051
    DOI: 10.1561/1700000051
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    References listed on IDEAS

    as
    1. Viscusi, W Kip, 1990. "Do Smokers Underestimate Risks?," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1253-1269, December.
    2. Keith Wilcox & Andrew T. Stephen, 2013. "Are Close Friends the Enemy? Online Social Networks, Self-Esteem, and Self-Control," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 40(1), pages 90-103.
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    More about this item

    Keywords

    risk communication; risk behavior; risky consumption; consumer well-being;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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