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

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  • Scott Fausti
  • Jeffrey Gillespie

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. Copyright Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Ltd 2006.

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File URL: http://hdl.handle.net/10.1111/j.1467-8489.2006.00328.x
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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 (06)
Pages: 171-188

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Handle: RePEc:bla:ajarec:v:50:y:2006:i:2:p:171-188

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References

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  1. 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.
  2. 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.
  3. Wilson, Paul N. & Eidman, Vernon R., 1983. "An Empirical Test Of The Interval Approach For Estimating Risk Preferences," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(02), December.
  4. 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.
  5. Paul J. H. Schoemaker, 1990. "Are Risk-Attitudes Related Across Domains and Response Modes?," Management Science, INFORMS, vol. 36(12), pages 1451-1463, December.
  6. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  7. Halter, A.N. & Mason, Robert, 1978. "Utility Measurement For Those Who Need To Know," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(02), December.
  8. Babcock, Bruce A. & Choi, E. Kwan & Feinerman, Eli, 1993. "Risk and Probability Premiums for Cara Utility Function," Staff General Research Papers 596, Iowa State University, Department of Economics.
  9. Elke U. Weber & Richard A. Milliman, 1997. "Perceived Risk Attitudes: Relating Risk Perception to Risky Choice," Management Science, INFORMS, vol. 43(2), pages 123-144, February.
  10. 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.
  11. James S. Dyer & Rakesh K. Sarin, 1982. "Relative Risk Aversion," Management Science, INFORMS, vol. 28(8), pages 875-886, August.
  12. 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.
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Cited by:
  1. Belhenniche, Geoffroy & Duvaleix-Treguer, Sabine & Cordier, Jean, 2009. "Milk Farmers' Risk Attitudes: Influence of the Dairy Processing Company," 2009 International European Forum, February 15-20, 2009, Innsbruck-Igls, Austria 58711, International European Forum on System Dynamics and Innovation in Food Networks.
  2. 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.
  3. 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.
  4. Kim, Seon-Ae & Gillespie, Jeffrey M. & Paudel, Krishna P., 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), September.
  5. 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.
  6. Xiaohao Ding & Joop Hartog & Yuze Sun, 2010. "Can we measure Individual Risk Attitudes in a Survey?," Tinbergen Institute Discussion Papers 10-027/3, Tinbergen Institute.
  7. repec:ags:joaaec:163228 is not listed on IDEAS
  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. 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.
  10. 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.
  11. 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.
  12. 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.
  13. Grove, Bennie & Oosthuizen, Lukas Klopper, 2010. "Stochastic efficiency analysis of deficit irrigation with standard risk aversion," Agricultural Water Management, Elsevier, vol. 97(6), pages 792-800, June.

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