This paper1 focuses on the economic values associated with seafood safety.2 Data are provided on the production, trade and consumption of seafood as a worldwide food commodity. A review is provided of the market for seafood safety, the economic concepts of valuing seafood safety and estimation methods that can be used to assign monetary values for safer seafood. Practical approaches to valuing seafood safety which include measuring risks, data problems and policy issues are discussed. Issues covered include HACCP benefits and costs including how HACCP can affect seafood market structure. Available estimates of seafood HACCP implementation costs at the industry and firm level are summarized. The economic and policy issues of using HACCP to increase the safety of seafood are presented. Using HACCP as an international trade standard for insuring safe seafood is discussed, including the way impacts differ among developed versus developing countries. Different designs for seafood safety regulatory regimes also create different economic impacts among countries and the seafood industry. Recent studies valuing seafood safety are presented, including estimation techniques used, safety and quality assurances measured, willingness-to-pay by consumers for safer seafood and the effect of consumer education on seafood consumption. Research priorities for the future are suggested.
