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Implications of Behavioral Finance for Farmer Marketing Strategy Recommendation

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  • Brorsen, B. Wade
  • Anderson, Kim B.

Abstract

Behavioral finance is a relatively new field of inquiry that may help better understand farmer marketing. The theory argues that people tend to make certain psychological biases that cause them to not be fully rational in an economic sense. For example, people tend to be about twice as upset about a loss as they would be happy about a gain of the same size. The theory can help explain why producers would pay a marketing consultant even when markets are efficient. Extension programs need to consider the psychology of marketing. The theory suggests that decisions need to be framed in terms of their effect on the whole farm operation and in terms of profits over a series of years.

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Bibliographic Info

Paper provided by NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management in its series 2001 Conference, April 23-24, 2001, St. Louis, Missouri with number 18952.

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Date of creation: 2001
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Handle: RePEc:ags:ncrone:18952

Contact details of provider:
Web page: http://www.agebb.missouri.edu/ncrext/ncr134/

Related research

Keywords: Agricultural Finance; Marketing;

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Cited by:
  1. Irwin, Scott H. & Martines-Filho, Joao & Good, Darrel L., 2003. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2001," AgMAS Project Research Reports 37510, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  2. Good, Darrel L. & Irwin, Scott H. & Martines-Filho, Joao & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans over 1995-2003," AgMAS Project Research Reports 14775, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  3. Mattos, Fabio, 2012. "Do producers exhibit disposition effect? Evidence from grain marketing," Working Papers 125279, Structure and Performance of Agriculture and Agri-products Industry (SPAA).
  4. Yoon, Byung-Sam & Brorsen, B. Wade, 2001. "Market Inversion In Commodity Futures Prices," 2001 Conference, April 23-24, 2001, St. Louis, Missouri 18962, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  5. Klumpp, Joni M. & Brorsen, B. Wade & Anderson, Kim B., 2005. "The Impact of Marketing Strategy Information on the Producer's Selling Decision," 2005 Conference, April 18-19, 2005, St. Louis, Missouri 19036, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  6. Mattos, Fabio & Fryza, Stefanie A., 2012. "Marketing Contracts, Overconfidence, and Timing in the Canadian Wheat Market," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 37(3), December.
  7. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004," AgMAS Project Research Reports 37513, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
  8. Brorsen, B. Wade & Anderson, Kim B., 2002. "Actual Farmer Market Timing," 2002 Conference, April 22-23, 2002, St. Louis, Missouri 19065, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
  9. Klumpp, Joni M. & Brorsen, B. Wade & Anderson, Kim B., 2005. "The Preference for Round Number Prices," 2005 Annual Meeting, February 5-9, 2005, Little Rock, Arkansas 35537, Southern Agricultural Economics Association.

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