Combining risk perception and risk attitude: A comprehensive individual risk behavior model
AbstractAlthough risk management in farming is a well-documented subject in scientific literature, this same literature is usually used only by other scientist and is not aiding individual farmers in their management. Risk perception and risk attitude are well described determinants of risk behaviour but rarely combined in an integrated approach for risk behaviour research. Furthermore in most literature risk attitude is taken as a given stable personality trait on which the optimal behaviour should be based. We argue that risk attitude can be manageable in order to derive optimal risk behaviour. Based on these findings we develop a comprehensive theoretical basic model on farmers risk behaviour. Furthermore a participatory approach involving the stakeholder, the farmer, to build on this model is presented. This presented model has as final purpose of guiding research on establishing risk management tools applicable by farmers.
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Bibliographic InfoPaper provided by European Association of Agricultural Economists in its series 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland with number 115749.
Date of creation: 02 Sep 2011
Date of revision:
risk management; risk perception; risk attitude; risk behaviour; Risk and Uncertainty;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-15 (All new papers)
- NEP-RMG-2011-10-15 (Risk Management)
- NEP-UPT-2011-10-15 (Utility Models & Prospect Theory)
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