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The measurement of farmers' risk attitudes using a non-structural approach

  • Kim, Tae-Hun
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    This study estimates farmers' risk attitudes in Missouri using a non-structural approach over time. The non-structural approach proposed by Antle (1989) allows for multiple outputs and various types of risk faced by farmers and doesn't require specific functional forms for utility or production. This approach can also provide farmers' risk attitudes over time. The results show that farmers' risk attitudes are risk loving and change over time, while farmers' risk attitude is generally assumed to be risk averse and very stable over time. Since this approach has the different definition of risk attitude, the results of this study may be a bit different from previous studies.

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    Article provided by Korea Rural Economic Institute in its journal Journal of Rural Development/Nongchon-Gyeongje.

    Volume (Year): 31 (2008)
    Issue (Month): 2 (May)

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    Handle: RePEc:ags:jordng:45653
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    1. Bar-Shira, Z. & Just, Richard E. & Zilberman, David, 1994. "Estimation of Farmers' Risk Attitude: An Econometric Approach," Working Papers 197812, University of Maryland, Department of Agricultural and Resource Economics.
    2. Harwood, Joy L. & Heifner, Richard G. & Coble, Keith H. & Perry, Janet E. & Somwaru, Agapi, 1999. "Managing Risk in Farming: Concepts, Research, and Analysis," Agricultural Economics Reports 34081, United States Department of Agriculture, Economic Research Service.
    3. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, June.
    4. Hennessy, David A., 1998. "The Production Effects of Agricultural Income Support Policies Under Uncertainty," Staff General Research Papers 1207, Iowa State University, Department of Economics.
    5. Stock, James H & Wright, Jonathan H & Yogo, Motohiro, 2002. "A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(4), pages 518-29, October.
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