Two experiments examine how message framing moderates consumer responses to product risk information. The findings suggest that contrary to an influential theory, consumers exposed to loss-framed messages exhibit a general aversion to product risk involving both short-term adverse effects and more permanent harm. In contrast, consumers exposed to gain-framed messages differentiate among different types of product risk. They essentially ignore temporary product risks but give considerable decisional weight to risks of permanent harm. This article discusses the implications of these findings for those who design and regulate promotional messages that contain product risk disclosures.