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Fresh Vegetable Growers' Risk Perception, Risk Preference and Choice of Marketing Contracts: A Choice Experiment

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  • Vassalos, Michael
  • Hu, Wuyang
  • Woods, Timothy A.
  • Schieffer, Jack
  • Dillon, Carl R.

Abstract

Growers’ preferences for a number of marketing contract attributes as well as the effect of growers’ risk perception and risk preferences on the choice of marketing contracts were examined with the use of a choice experiment. The main data source for the study is a mail survey administrated to 315 wholesale tomato growers. The findings validate the transaction cost hypothesis and indicate heterogeneity in preferences. Risk perception and risk preferences had limited impact on contract choice.

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Bibliographic Info

Paper provided by Southern Agricultural Economics Association in its series 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida with number 142506.

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Date of creation: 10 Jan 2013
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Handle: RePEc:ags:saea13:142506

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Related research

Keywords: Marketing Contracts; transaction costs; choice of contracts; choice experiment; Agribusiness; Farm Management; Marketing; Q12; Q13;

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  1. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555, April.
  2. K. K. Lancaster, 2010. "A New Approach to Consumer Theory," Levine's Working Paper Archive 1385, David K. Levine.
  3. Hueth, Brent & Ligon, Ethan, 1998. "Quality Measurement And Risk-Sharing In Contracts For California Fruits And Vegetables," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20957, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Hudson Darren & Lusk Jayson, 2004. "Risk and Transactions Cost in Contracting: Results from a Choice-Based Experiment," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 2(1), pages 1-19, February.
  5. MacDonald, James M. & Perry, Janet E. & Ahearn, Mary Clare & Banker, David E. & Chambers, William & Dimitri, Carolyn & Key, Nigel D. & Nelson, Kenneth E. & Southard, Leland W., 2004. "Contracts, Markets, and Prices: Organizing the Production and Use of Agricultural Commodities," Agricultural Economics Reports 34013, United States Department of Agriculture, Economic Research Service.
  6. Ligon, Ethan, 2002. "Estimation of an Efficient Tomato Contract," Staff General Research Papers 10235, Iowa State University, Department of Economics.
  7. Brent Hueth & Tigran Melkonyan, 2004. "Identity Preservation, Multitasking, and Agricultural Contract Design," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(3), pages 842-847.
  8. Hueth, Brent & Ligon, Ethan, 1999. "Producer Price Risk and Quality Measurement," Staff General Research Papers 5037, Iowa State University, Department of Economics.
  9. Jayson L. Lusk & Keith H. Coble, 2005. "Risk Perceptions, Risk Preference, and Acceptance of Risky Food," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 393-405.
  10. Daniel A. Ackerberg & Maristella Botticini, 1999. "Endogenous Matching and the Empirical Determinants of Contract Form," Boston University - Institute for Economic Development 92, Boston University, Institute for Economic Development.
  11. Ani L. Katchova & Mario J. Miranda, 2004. "Two-Step Econometric Estimation of Farm Characteristics Affecting Marketing Contract Decisions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(1), pages 88-102.
  12. Hu, Wuyang & Woods, Timothy A. & Bastin, Sandra, 2009. "Consumer Acceptance and Willingness to Pay for Blueberry Products with Nonconventional Attributes," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 41(01), April.
  13. 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.
  14. Charness, Gary & Gneezy, Uri, 2003. "Portfolio Choice and Risk Attitudes: An Experiment," University of California at Santa Barbara, Economics Working Paper Series qt7vz7w609, Department of Economics, UC Santa Barbara.
  15. Hueth, Brent & Wolf, Stephen & Ligon, Ethan, 2001. "Policing Mechanisms in Agricultural Contracts," Staff General Research Papers 5257, Iowa State University, Department of Economics.
  16. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
  17. Hatanaka, Maki & Bain, Carmen & Busch, Lawrence, 2005. "Third-party certification in the global agrifood system," Food Policy, Elsevier, vol. 30(3), pages 354-369, June.
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