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Developing A Scale For Assessing Risk Attitudes Of Agricultural Decision Makers

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  • Bard, Sharon K.
  • Barry, Peter J.

Abstract

This study adapts a methodology formulated in the social sciences to develop a scale for measuring an economic agent's attitude toward risk. The scale assesses risk attitudes by eliciting farmers' opinions towards risk management tools using a Likert procedure. The methodology validates the scale with a scientific risk attitude measure and compares the scale to the farmers' self-assessment of their risk attitudes. The resulting scale methodology could be administered to people without the need for personal interviews. The subjects for this study were Midwestern farmers, but the methodology can be applied to any sector of the agricultural industry.

Suggested Citation

  • Bard, Sharon K. & Barry, Peter J., 2000. "Developing A Scale For Assessing Risk Attitudes Of Agricultural Decision Makers," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 3(1), pages 1-17.
    • Handle: RePEc:ags:ifaamr:34573
    DOI: 10.22004/ag.econ.34573
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    References listed on IDEAS

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    1. Patrick, George R. & Wilson, Paul N. & Barry, Peter J. & Boggess, William G. & Young, Douglas L., 1985. "Risk Perceptions and Management Responses: Producer-Generated Hypotheses For Risk Modeling," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(2), pages 231-238, December.
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    Cited by:

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    2. Sulewski, Piotr & Kłoczko-Gajewska, Anna, 2014. "Farmers’ risk perception, risk aversion and strategies to cope with production risk: an empirical study from Poland," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 116(3), pages 1-8, December.
    3. de Mey, Yann & Wauters, Erwin & Lips, Markus & Schmid, Dirk & Vancauteren, Mark & Van Passel, Steven, 2014. "Farm household risk balancing in Switzerland and Belgium: an econometric and survey approach," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 186678, European Association of Agricultural Economists.
    4. Ross, Nicholas & Santos, Paulo & Capon, Timothy, 2012. "Risk, ambiguity and the adoption of new technologies: experimental evidence from a developing economy," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 126492, International Association of Agricultural Economists.
    5. 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.

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    Risk and Uncertainty;

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