Lisa Robinson (Center for Health Decision Science), Kip Viscusi, and Richard Zeckhauser (Harvard Kennedy School) co-authored the article “Consumer Warning Labels Aren’t Working” published in Harvard Business Review. The authors studied theeffectiveness of warning labels on consumer products and found that they are not working. They claim that the current “system fails miserably at distinguishing between large and small risks. A way to understand this is what we term wolves and puppies. Wolves are rarely seen but may eat your sheep… Puppies occasionally nip, but when they do, the results are rarely serious.”

The article recommends, among other things, to communicate the level of risk, for example: high, medium, low so that readers can estimate the actual risk and make decisions about the benefits of consuming the products.

You can find the article here https://hbr.org/2016/11/consumer-warning-labels-arent-working