Consumer confidence in Food Safety and the 2010 egg recall
Date
Authors
Major Professor
Advisor
Committee Member
Journal Title
Journal ISSN
Volume Title
Publisher
Authors
Research Projects
Organizational Units
The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).
History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.
Dates of Existence
1898–present
Historical Names
- Department of Economic Science (1898–1910)
- Department of Economics and Political Science (1910-1913)
- Department of Applied Economics and Social Science (1913–1924)
- Department of Economics, History and Sociology (1924–1931)
- Department of Economics and Sociology (1931–1967)
Related Units
- College of Agricultural and Life Sciences (parent college)
- College of Liberal Arts and Sciences (parent college)
- College of Business (parent college)
Journal Issue
Is Version Of
Versions
Series
Department
Abstract
Iowa egg producers recalled nearly 500 million eggs in August 2010. The typical effect of a recall is to cause a decline in the demand for the affected product, yielding a decrease in the price. In the case of August 2010 egg recall, the price of eggs increased in the following weeks. This essay investigates the market effects of the egg recall. I estimate a system of simultaneous equations that includes supply and demand equations for the two main segments of the US industry. This essay offers preliminary evidence of the market effects of the August 2010 egg recall and describes the methodology to estimate the shift in consumers’ willingness to pay for eggs accounting for the diversion of eggs in the other segment of the industry.
Comments
This is a Selected Paper prepared for presentation at the Agricultural & Applied Economics Association’s 2012 AAEA Annual Meeting, Seattle, Washington, August 12- 14, 2012.