Perception and Policy: Korea’s Experience with US Beef Imports and KORUS FTA
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This paper analyzes the influence of perception on KORUS FTA. Unlike traditional trade liberalization (based on comparative advantage), KORUS FTA poses greater uncertainty at the individual level. This implies that the decision to oppose and resist this policy would depend less on the policy’s economic impact than on perceptions about the policy itself. By being connected to fears of BSE in the event of renewed US beef imports, KORUS FTA represents just such a case. By conducting and analyzing survey results, we examine how the perception about KORUS FTA may be formed within the market for information. We find that sources of information (supply) do not matter much in shaping the perception. Instead, preferences or beliefs (political orientation or party preference) held by individuals (demand) determine the perception. Due to the wide use of internet and the intense competition among information suppliers in Korea, individuals are exposed to the similar sources of information, all the time. Then the perception formation boils down the choice of information given the wide range of information supplied. Finally, we offer policy implications based on the results.
Abstract
This paper analyzes the influence of perception on KORUS FTA. Unlike traditional trade liberalization (based on comparative advantage), KORUS FTA poses greater uncertainty at the individual level. This implies that the decision to oppose and resist this policy would depend less on the policy’s economic impact than on perceptions about the policy itself. By being connected to fears of BSE in the event of renewed US beef imports, KORUS FTA represents just such a case. By conducting and analyzing survey results, we examine how the perception about KORUS FTA may be formed within the market for information. We find that sources of information (supply) do not matter much in shaping the perception. Instead, preferences or beliefs (political orientation or party preference) held by individuals (demand) determine the perception. Due to the wide use of internet and the intense competition among information suppliers in Korea, individuals are exposed to the similar sources of information, all the time. Then the perception formation boils down the choice of information given the wide range of information supplied. Finally, we offer policy implications based on the results.
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