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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.
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    Abstract

    This study adapts a methodology formulated in the social sciences to develop a scale for measuring an economic agentÂ’s attitude toward risk. The scale assesses risk attitudes by eliciting farmersÂ’ 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 farmersÂ’ 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.

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    File URL: http://purl.umn.edu/34573
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    Bibliographic Info

    Article provided by International Food and Agribusiness Management Association (IAMA) in its journal International Food and Agribusiness Management Review.

    Volume (Year): 03 (2000)
    Issue (Month): 01 ()
    Pages:

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    Handle: RePEc:ags:ifaamr:34573

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    Related research

    Keywords: Risk and Uncertainty;

    References

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    1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    2. Harwood, Joy L. & Heifner, Richard G. & Coble, Keith H. & Perry, Janet E. & Somwaru, Agapi, 1999. "Managing Risk in Farming: Concepts, Research, and Analysis," Agricultural Economics Reports 34081, United States Department of Agriculture, Economic Research Service.
    3. Schurle, Bryan W. & Tierney, William I., Jr., 1990. "A Comparison of Risk Preference Measurements with Implications for Extension Programming," Staff Papers 118185, Kansas State University, Department of Agricultural Economics.
    4. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    5. Patrick, George F. & Wilson, Paul N. & Barry, Peter J. & Boggess, William G. & Young, Douglas L., 1985. "Risk Perceptions And Management Responses: Producer-Generated Hypotheses For Risk Modeling," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(02), December.
    6. Paul N. Ellinger & Nate S. Splett & Peter J. Barry, 1992. "Consistency of credit evaluations at agricultural banks," Agribusiness, John Wiley & Sons, Ltd., vol. 8(6), pages 517-536.
    7. Robison, Lindon J. & Shupp, Robert S. & Myers, Robert J., 2010. "Expected utility paradoxes," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 187-193, April.
    8. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-54, Summer.
    9. Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
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    Cited by:
    1. 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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