Do Irish cereal producers use multiple cropping as a strategy for dealing with risk?
AbstractPortfolio theory suggests that risk-averse agents favour a diversified portfolio of assets as a strategy to offset market risk. This paper explicitly tests whether Irish cereal producers decision to engage in multi-crop production (asset diversification) in itself reveals a relatively risk-averse nature. The issue is examined within the context of sample selection bias, where multi-croppers (portfolio diversifiers) are treated as a sub-sample of a general sample (mono + multi croppers) of Irish cereal production.
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Bibliographic InfoPaper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n1250903.
Date of creation: Sep 2003
Date of revision:
Risk Attitudes; Heckman Two-Step; Fixed Effects.;
Find related papers by JEL classification:
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
- C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models; Switching Regression Models
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