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The measurement of farmers' risk attitudes using a non-structural approach

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  • Kim, Tae-Hun
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    Abstract

    This study estimates farmers' risk attitudes in Missouri using a non-structural approach over time. The non-structural approach proposed by Antle (1989) allows for multiple outputs and various types of risk faced by farmers and doesn't require specific functional forms for utility or production. This approach can also provide farmers' risk attitudes over time. The results show that farmers' risk attitudes are risk loving and change over time, while farmers' risk attitude is generally assumed to be risk averse and very stable over time. Since this approach has the different definition of risk attitude, the results of this study may be a bit different from previous studies.

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    File URL: http://purl.umn.edu/45653
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    Bibliographic Info

    Article provided by Korea Rural Economic Institute in its journal Journal of Rural Development/Nongchon-Gyeongje.

    Volume (Year): 31 (2008)
    Issue (Month): 2 (May)
    Pages:

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    Handle: RePEc:ags:jordng:45653

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    Related research

    Keywords: risk attitude; risk preference; nonstructural approach; structural approach; Agribusiness; Community/Rural/Urban Development; Farm Management;

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    1. Stock, James H & Wright, Jonathan H & Yogo, Motohiro, 2002. "A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(4), pages 518-29, October.
    2. Bar-Shira, Z. & Just, R. E. & Zilberman, D., 1997. "Estimation of farmers' risk attitude: an econometric approach," Agricultural Economics, Blackwell, vol. 17(2-3), pages 211-222, December.
    3. Bar-Shira, Z. & Just, R.E. & Zilberman, D., 1997. "Estimation of farmers' risk attitude: an econometric approach," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 17(2-3), December.
    4. 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.
    5. Hennessy, David A., 1998. "The Production Effects of Agricultural Income Support Policies Under Uncertainty," Staff General Research Papers 1207, Iowa State University, Department of Economics.
    6. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, December.
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