IDEAS home Printed from https://ideas.repec.org/a/ags/sojoae/29989.html
   My bibliography  Save this article

Risk Perceptions And Management Responses: Producer-Generated Hypotheses For Risk Modeling

Author

Listed:
  • Patrick, George F.
  • Wilson, Paul N.
  • Barry, Peter J.
  • Boggess, William G.
  • Young, Douglas L.

Abstract

Farm level risk analyses have used price and yield variability almost exclusively to represent risk. Results from a survey of 149 agricultural producers in 12 states indicate that producers consider a broader range of sources of variability in their operations. Significant differences exist among categories with respect to the importance of the sources of variability in crop and livestock production. Producers also used a variety of management responses to variability. There were significant difference among categories in the importance given to particular responses and their use of them. These results have implications for research, extension, and policy programs.

Suggested Citation

  • Patrick, George F. & Wilson, Paul N. & Barry, Peter J. & Boggess, William G. & Young, Douglas L., 1985. "Risk Perceptions And Management Responses: Producer-Generated Hypotheses For Risk Modeling," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(2), pages 1-8, December.
    • Handle: RePEc:ags:sojoae:29989
    DOI: 10.22004/ag.econ.29989
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/29989/files/17020231.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.29989?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Hatch, Thomas C. & Gustafson, Cole & Baum, Kenneth & Harrington, David, 1982. "A Typical Farm Series: Development and Application to a Mississippi Delta Farm," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 14(2), pages 31-36, December.
    2. Patrick, George F., 1984. "Producer's Attitudes, Perceptions and Management Responses to Variability," Regional Research Projects >1984: S-180 Annual Meeting, March 25-28, 1984, New Orleans, Louisiana 307239, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    3. Knez, Peter & Smith, Vernon L & Williams, Arlington W, 1985. "Individual Rationality, Market Rationality, and Value Estimation," American Economic Review, American Economic Association, vol. 75(2), pages 397-402, May.
    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. William Lin & G. W. Dean & C. V. Moore, 1974. "An Empirical Test of Utility vs. Profit Maximization in Agricultural Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 497-508.
    6. Arrow, Kenneth J, 1982. "Risk Perception in Psychology and Economics," Economic Inquiry, Western Economic Association International, vol. 20(1), pages 1-9, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wilson, Paul N. & Gundersen, Carl E., 1985. "Financial Risk In Cotton Production," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(2), pages 1-8, December.
    2. Floris Heukelom, 2007. "Who are the Behavioral Economists and what do they say?," Tinbergen Institute Discussion Papers 07-020/1, Tinbergen Institute.
    3. Chavas, Jean-Paul & Barham, Bradford L., 2007. "On the Microeconomics of Diversification under Uncertainty and Learning," Staff Papers 92141, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    4. Gold, Natalie & List, Christian, 2004. "Framing as Path Dependence," Economics and Philosophy, Cambridge University Press, vol. 20(2), pages 253-277, October.
    5. Uri Gneezy & Arie Kapteyn & Jan Potters, 2003. "Evaluation Periods and Asset Prices in a Market Experiment," Journal of Finance, American Finance Association, vol. 58(2), pages 821-837, April.
    6. Jonathan E. Alevy & Michael S. Haigh & John List, 2006. "Information Cascades: Evidence from An Experiment with Financial Market Professionals," NBER Working Papers 12767, National Bureau of Economic Research, Inc.
    7. Ganguly, Ananda R & Kagel, John H & Moser, Donald V, 2000. "Do Asset Market Prices Reflect Traders' Judgment Biases?," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 219-245, May.
    8. Dorian Jullien, 2016. "All Frames Created Equal are Not Identical: On the Structure of Kahneman and Tversky's Framing Effects," GREDEG Working Papers 2016-17, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    9. John A. List & Michael S. Haigh, 2010. "Investment Under Uncertainty: Testing the Options Model with Professional Traders," The Review of Economics and Statistics, MIT Press, vol. 92(4), pages 974-984, November.
    10. Voltaire, Louinord & Donfouet, Hermann Pythagore Pierre & Pirrone, Claudio & Larzillière, Agathe, 2017. "Respondent Uncertainty and Ordering Effect on Willingness to Pay for Salt Marsh Conservation in the Brest Roadstead (France)," Ecological Economics, Elsevier, vol. 137(C), pages 47-55.
    11. Langer, Thomas & Waller, Peter, 1997. "Implementing behavioral concepts into banking theory : the impact of loss acersion on collateralization," Papers 97-33, Sonderforschungsbreich 504.
    12. Gneezy, U., 1996. "Probability Judgements in Multi-Stage Problems : Experimental Evidence of Systematic Biases," Discussion Paper 1996-01, Tilburg University, Center for Economic Research.
    13. Opaluch, James J., 1984. "Valuing Natural Resource And Environmental Amenities: Can Economic Valuation Techniques Be Made Defensible: Discussion," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 13(2), pages 1-4, October.
    14. Just, David R. & Wansink, Brian & Turvey, Calum G., 2009. "Biosecurity, Terrorism, and Food Consumption Behavior: Using Experimental Psychology to Analyze Choices Involving Fear," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 34(01), pages 1-18, April.
    15. Gneezy, U. & Kapteyn, A. & Potters, J.J.M., 2003. "Evaluation periods and asset prices in a market experience," Other publications TiSEM 55910884-79d7-483c-abbb-1, Tilburg University, School of Economics and Management.
    16. Andrew J Lloyd, 2003. "Threats to the estimation of benefit: are preference elicitation methods accurate?," Health Economics, John Wiley & Sons, Ltd., vol. 12(5), pages 393-402, May.
    17. Eidman, V., 1989. "Quantifying and managing risk in agriculture," 1989 Annual Conference, September 25-27, Bloemfontein, South Africa 314723, Agricultural Economics Association of South Africa (AEASA).
    18. Anthony Newell, 2020. "Is your heart weighing down your prospects? Interoception, risk literacy and prospect theory," QuBE Working Papers 058, QUT Business School.
    19. Beetsma, Roel M W J & Schotman, Peter C, 2001. "Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show Lingo," Economic Journal, Royal Economic Society, vol. 111(474), pages 821-848, October.
    20. Khojasteh, Khosrow, 1992. "Effects of farm characteristics and government disaster assistance on multiple-peril crop insurance purchases by Iowa crop farmers," ISU General Staff Papers 1992010108000010841, Iowa State University, Department of Economics.

    More about this item

    Keywords

    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:sojoae:29989. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/saeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.