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A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal

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  • Hamal, K.B.
  • Anderson, Jock R.

Abstract

Attitudes toward risk are explored for a sample of rice growers on small farms in Nepal, in the context of the subjective expected utility maximisation model. Farmers are found to be generally averse to risk, with diverse levels of absolute risk aversion that tend to diminish as wealth increases, both for individuals and in a cross-sectional sense. Relative risk aversion is argued to be the most comparable measure for contrasts of attitudes toward risk.

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Bibliographic Info

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

Volume (Year): 26 (1982)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:ajaeau:22708

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Keywords: Risk and Uncertainty;

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References

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  1. Ross, Stephen A, 1981. "Some Stronger Measures of Risk Aversion in the Small and the Large with Applications," Econometrica, Econometric Society, vol. 49(3), pages 621-38, May.
  2. Hildreth, Clifford & Knowles, Glenn J., 1982. "Some Estimates of Farmers' Utility Functions," Technical Bulletins 54545, University of Minnesota, Agricultural Experiment Station.
  3. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
  4. Charles M. Harvey, 1981. "Conditions on Risk Attitude for a Single Attribute," Management Science, INFORMS, vol. 27(2), pages 190-203, February.
  5. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
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Citations

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Cited by:
  1. Pannell, David J., 1991. "Pests and pesticides, risk and risk aversion," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 5(4), August.
  2. Arriaza Balmon, Manuel & Gomez-Limon, Jose A. & Upton, Martin, 2002. "Local water markets for irrigation in southern Spain: A multicriteria approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(1), March.
  3. Anand, Paul, 1990. "Analysis of Uncertainty as Opposed to Risk: An Experimental Approach," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 4(2), June.
  4. Fisher, Brian S., 1985. "Frontiers in Agricultural Policy Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 53(02), August.
  5. Arriaza Balmon, Manuel & Gomez-Limon, Jose Antonio, 2003. "Modelling Farmers' Response To A Decoupled Subsidy Via Multi-Attribute Utility Theory And E-V Analysis," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25925, International Association of Agricultural Economists.
  6. Hardaker, J. Brian, 2000. "Some Issues in Dealing with Risk in Agriculture," Working Papers 12912, University of New England, School of Economics.
  7. Pannell, David J. & Nordblom, Thomas L., 1998. "Impacts of risk aversion on whole-farm management in Syria," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(3), September.
  8. Hardaker, J.B. & Lien, Gudbrand, 2010. "Stochastic efficiency analysis with risk aversion bounds: a comment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), September.
  9. Gomez-Limon, Jose Antonio & Riesgo, Laura & Arriaza Balmon, Manuel, 2002. "Agricultural Risk Aversion Revisited: A Multicriteria Decision-Making Approach," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24827, European Association of Agricultural Economists.
  10. Burger, C.P.J., 1988. "Risk aversion and the family farm," Serie Research Memoranda 0022, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  11. Jock R. Anderson, 1983. "On Risk Deductions In Public Project Appraisal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 27(3), pages 231-239, December.
  12. Lien, Gudbrand, 2002. "Non-parametric estimation of decision makers' risk aversion," Agricultural Economics, Blackwell, vol. 27(1), pages 75-83, May.
  13. Hanson, Steven D. & Black, J. Roy & Wang, H. Holly, 2000. "Can Revenue Insurance Substitute For Price And Yield Risk Management Instruments?," Staff Papers 11655, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  14. Gomez-Limon, Jose A. & Arriaza, Manuel & Riesgo, Laura, 2003. "An MCDM analysis of agricultural risk aversion," European Journal of Operational Research, Elsevier, vol. 151(3), pages 569-585, December.
  15. Gandorfer, Markus & Pannell, David & Meyer-Aurich, Andreas, 2011. "Analyzing the effects of risk and uncertainty on optimal tillage and nitrogen fertilizer intensity for field crops in Germany," Agricultural Systems, Elsevier, vol. 104(8), pages 615-622, October.
  16. Wang, H. Holly & Hanson, Steven D. & Black, J. Roy, 2003. "Efficiency Costs of Subsidy Rules for Crop Insurance," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(01), April.
  17. M J Bhende, 2012. "Agricultural Insurance in India: Problems and Prospects," Working Papers id:4840, eSocialSciences.
  18. Pannell, David J., 1994. "The Value Of Information In Herbicide Decision Making For Weed Control In Australian Wheat Crops," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(02), December.

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