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Introduction to Economics for Risk Analysis
Economics is the study of how to best use limited means in the pursuit of
unlimited ends. This course explains how economics influences and interacts
with risk assessment and risk management, and how the U.S. regulatory process
aids and impacts regulatory decision making.
Overview of Topics
Economics for Food Risk Management
- Scarcity and Choice
- Opportunity Costs
- Marginal Thinking
- Markets
- Costs and Value
- When Markets do Not Work
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Doing Cost-Benefit Analysis
- U.S.A. Legal Requirements
- Value of a Statistical Life
- Discounting
- Equity and Distribution
- Other Decision Tools
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Learning Objectives After completing this course, students understand:
- The relationship between risks, costs, and consumer preferences
- The interaction between risk analysis and cost benefit analysis
- Basic economic terminology
- How economists derive costs and benefits
- How to incorporate benefit-cost analyses into risk management decisions
- How to maximize net benefits
- Why economists discount future events
- How economists do cost-effectiveness analysis
- How to calculate opportunity costs
- How economists calculate the value of a statistical life
This course meets a requirement of both the JIFSAN Epidemiology/ToxicologyTrack
Certificate and the Quantitative Track Certificate in Food Safety Risk Analysis
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