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Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?

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  • Fausti, Scott W.
  • Gillespie, Jeffrey M.

Abstract

A mail survey is used to examine the consistency of alternative risk preference elicitation procedures using five commonly used methods. These elicitation procedures have been used in previous studies to characterise risk preference. Results show little consistency across procedures, supporting strength-of-preference studies. A general recommendation for mail surveys is the development of relatively easy-to-understand risk-preference elicitation procedures that are framed according to the situational construct in question.

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File URL: http://purl.umn.edu/116927
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 50 (2006)
Issue (Month): 2 (June)
Pages:

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Handle: RePEc:ags:aareaj:116927

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Related research

Keywords: mail surveys; risk preference elicitation; Risk and Uncertainty;

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References

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  8. Ale Smidts, 1997. "The Relationship Between Risk Attitude and Strength of Preference: A Test of Intrinsic Risk Attitude," Management Science, INFORMS, vol. 43(3), pages 357-370, March.
  9. Joost M.E. Pennings & Philip Garcia, 2001. "Measuring Producers' Risk Preferences: A Global Risk-Attitude Construct," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 993-1009.
  10. Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 537-79, May.
  11. Bard, Sharon K. & Barry, Peter J., 2001. "Assessing Farmers' Attitudes Toward Risk Using The "Closing-In" Method," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(01), July.
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Citations

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Cited by:
  1. Seon-Ae Kim & Jeffrey M. Gillespie & Krishna P. Paudel, 2008. "Rotational grazing adoption in cattle production under a cost-share agreement: does uncertainty have a role in conservation technology adoption?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(3), pages 235-252, 09.
  2. Williams, Brian R. & DeVuyst, Eric A. & Peel, Derrell S. & Raper, Kellie Curry, 2014. "The Likelihood of Positive Returns from Value-Added Calf Management Practices," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 46(01), February.
  3. Howard, Gregory E. & Roe, Brian E., 2011. "Comparing the Risk Attitudes of U.S. and German Farmers," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114528, European Association of Agricultural Economists.
  4. Nyaupane, Narayan P. & Gillespie, Jeffrey M., 2009. "The Influences Of Land Tenancy And Rotation Selection On Crawfish Farmers’ Adoption Of Best Management Practices," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46174, Southern Agricultural Economics Association.
  5. Geoffroy Belhenniche & Sabine Duvaleix-Tréguer & Jean CORDIER, 2009. "Milk farmers' risk attitudes: influence of the dairy processing company," Post-Print hal-00730018, HAL.
  6. Pope, Kelsey Frasier & Schroeder, Ted C. & Langemeier, Michael R. & Herbel, Kevin L., 2011. "Cow-Calf Producer Risk Preference Impacts on Retained Ownership Strategies," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(04), November.
  7. Greiner, Romy & Patterson, Louisa & Miller, Owen, 2009. "Motivations, risk perceptions and adoption of conservation practices by farmers," Agricultural Systems, Elsevier, vol. 99(2-3), pages 86-104, February.
  8. Giovanopoulou, Eirini & Nastis, Stefanos A. & Papanagiotou, Evagelos, 2011. "Modeling farmer participation in agri-environmental nitrate pollution reducing schemes," Ecological Economics, Elsevier, vol. 70(11), pages 2175-2180, September.
  9. Ding, Xiaohao & Hartog, Joop & Sun, Yuze, 2010. "Can We Measure Individual Risk Attitudes in a Survey?," IZA Discussion Papers 4807, Institute for the Study of Labor (IZA).
  10. Greiner, Romy & Miller, Owen & Patterson, Louisa, 2008. "The role of grazier motivations and risk attitudes in the adoption of grazing best management practices," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6002, Australian Agricultural and Resource Economics Society.
  11. Williams, John & Malcolm, Bill, 2012. "Farmer decisions about selling wheat and managing wheat price risk in Australia," Australasian Agribusiness Review, University of Melbourne, Melbourne School of Land and Environment, vol. 20.
  12. Franken, Jason R.V. & Pennings, Joost M.E. & Garcia, Philip, 2012. "Measuring Risk Attitude and Relation to Marketing Behavior," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124471, Agricultural and Applied Economics Association.

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