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Effects of Farmers' Risk Attitudes and Personality Types on Production and Marketing Decisions

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Author Info

  • Pei Xu

    ()

  • Corinne Alexander

    ()

  • George Patrick

    ()
    (Department of Agricultural Economics, College of Agriculture, Purdue University)

  • Wesley Musser

    ()
    (Agricultural and Resource Economics Department, University of Maryland)

Abstract

Producers’ risk perceptions, as well as their empirical measurement, have been an ongoing concern for agricultural economists. Identification and categorization of producers’ risk attitudes is important in both research and extension contexts. This study explores some alternative measures of farmers’ attitudes and their relationships with observed producer behavior. The effect of farmers’ personality types, as derived from the Myers-Briggs personality type indicator test, on marketing behavior is also explored. There were positive and statistically significant correlations of producers’ risk attitudes in various areas of the farm business. However, there are also some differences in producers’ willingness to risk, especially in the finance area. Although a number of variables were statistically significant, farm operator characteristics, characteristics of the farm operation and risk attitudes of the farm operator had little effect on measures of behavior thought to involve risk/return trade-offs. The Myers-Briggs personality types were used in an analysis of marketing behavior that focused on marketing tools other than the spot (cash) market. Although some of the personality types had significant effects, there were often differences between the marketing behavior associated with corn and soybeans.

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File URL: http://ageconsearch.umn.edu/bitstream/28677/1/sp050010.pdf
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Bibliographic Info

Paper provided by Purdue University, College of Agriculture, Department of Agricultural Economics in its series Working Papers with number 05-10.

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Length: 30 pages
Date of creation: Aug 2005
Date of revision:
Handle: RePEc:pae:wpaper:05-10

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Keywords: Risk attitudes; risk perceptions; economic behavior; production; marketing; and Myers-Briggs type indicator;

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Cited by:
  1. 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.

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