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A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal

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  • K.B. Hamal
  • Jock R. Anderson

Abstract

Attitudes toward risk are explored for a sample of rice growers on small farms in Nepal, in the context of the subjective expected utility maximisation model. Farmers are found to be generally averse to risk, with diverse levels of absolute risk aversion that tend to diminish as wealth increases, both for individuals and in a cross-sectional sense. Relative risk aversion is argued to be the most comparable measure for contrasts of attitudes toward risk.
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Suggested Citation

  • K.B. Hamal & Jock R. Anderson, 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 220-225, December.
  • Handle: RePEc:bla:ajarec:v:26:y:1982:i:3:p:220-225
    DOI: j.1467-8489.1982.tb00414.x
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    References listed on IDEAS

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    1. Ross, Stephen A, 1981. "Some Stronger Measures of Risk Aversion in the Small and the Large with Applications," Econometrica, Econometric Society, vol. 49(3), pages 621-638, May.
    2. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    3. R. R. Officer & A. N. Halter, 1968. "Utility Analysis in a Practical Setting," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(2), pages 257-277.
    4. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March.
    5. Hildreth, Clifford & Knowles, Glenn J., 1982. "Some Estimates of Farmers' Utility Functions," Technical Bulletins 54545, University of Minnesota, Agricultural Experiment Station.
    6. Charles M. Harvey, 1981. "Conditions on Risk Attitude for a Single Attribute," Management Science, INFORMS, vol. 27(2), pages 190-203, February.
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    Cited by:

    1. J. B. Hardaker & Gudbrand Lien, 2010. "Stochastic efficiency analysis with risk aversion bounds: a comment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), pages 379-383, July.
    2. Pannell, David J. & Nordblom, Thomas L., 1998. "Impacts of risk aversion on whole-farm management in Syria," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(3), September.
    3. Lien, Gudbrand, 2002. "Non-parametric estimation of decision makers' risk aversion," Agricultural Economics, Blackwell, vol. 27(1), pages 75-83, May.
    4. Wegener, Malcolm Keith, 1995. "Modelling studies in the Australian sugar industry," Dissertations-Doctoral 253208, AgEcon Search.
    5. Fisher, Brian S., 1985. "Frontiers in Agricultural Policy Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 53(02), August.
    6. M J Bhende, 2012. "Agricultural Insurance in India: Problems and Prospects," Working Papers id:4840, eSocialSciences.
    7. Hardaker, J.B. & Lien, Gudbrand D., 2010. "Stochastic efficiency analysis with risk aversion bounds: a comment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(3), September.
    8. Gandorfer, Markus & Pannell, David & Meyer-Aurich, Andreas, 2011. "Analyzing the effects of risk and uncertainty on optimal tillage and nitrogen fertilizer intensity for field crops in Germany," Agricultural Systems, Elsevier, vol. 104(8), pages 615-622, October.
    9. Bielza, María & Garrido, Alberto & Sumpsi, José M., 2004. "Revenue insurance as an income stabilization policy: an application to the Spanish olive oil sector," Cahiers d'Economie et de Sociologie Rurales (CESR), INRA (French National Institute for Agricultural Research), vol. 70.
    10. Hardaker, J. Brian, 2000. "Some Issues in Dealing with Risk in Agriculture," Working Papers 12912, University of New England, School of Economics.
    11. Jock R. Anderson, 1983. "On Risk Deductions In Public Project Appraisal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 27(3), pages 231-239, December.
    12. Wang, H. Holly & Hanson, Steven D. & Black, J. Roy, 2003. "Efficiency Costs of Subsidy Rules for Crop Insurance," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(01), April.
    13. Arriaza Balmón, Manuel & Gomez-Limon, Jose Antonio, 2003. "Modelling Farmers' Response To A Decoupled Subsidy Via Multi-Attribute Utility Theory And E-V Analysis," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25925, International Association of Agricultural Economists.
    14. Lien, Gudbrand D., 2002. "Non-parametric estimation of decision makers' risk aversion," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 27(1), May.
    15. Pannell, David J., 1991. "Pests and pesticides, risk and risk aversion," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 5(4), August.
    16. María Bielza & Alberto Garrido & José M. Sumpsi, 2004. "Revenue insurance as an income stabilization policy: an application to the Spanish olive oil sector," Post-Print hal-01201063, HAL.
    17. Anand, Paul, 1990. "Analysis of Uncertainty as Opposed to Risk: An Experimental Approach," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 4(2), June.
    18. Pannell, David J., 1994. "The Value Of Information In Herbicide Decision Making For Weed Control In Australian Wheat Crops," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(02), December.
    19. María Bielza & Alberto Garrido & José M. Sumpsi, 2004. "Revenue insurance as an income stabilization policy: an application to the Spanish olive oil sector," Cahiers d'Economie et Sociologie Rurales, INRA Department of Economics, vol. 70, pages 5-27.
    20. Hanson, Steven D. & Black, J. Roy & Wang, H. Holly, 2000. "Can Revenue Insurance Substitute For Price And Yield Risk Management Instruments?," Staff Papers 11655, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    21. Anderson, Jock R. & Dillon, John L. & Hardaker, J. Brian, 1985. "Farmers and Risk," 1985 Conference, August 26-September 4, 1985, Málaga, Spain 183026, International Association of Agricultural Economists.
    22. Arriaza Balmón, Manuel & Gomez-Limon, Jose A. & Upton, Martin, 2002. "Local water markets for irrigation in southern Spain: A multicriteria approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(1), March.
    23. Philomena M. Bacon & Anna Conte & Peter G. Moffatt, 2016. "A coefficient of risk vulnerability," University of East Anglia School of Economics Working Paper Series 2016-01, School of Economics, University of East Anglia, Norwich, UK..
    24. Gomez-Limon, Jose Antonio & Riesgo, Laura & Arriaza Balmón, Manuel, 2002. "Agricultural Risk Aversion Revisited: A Multicriteria Decision-Making Approach," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24827, European Association of Agricultural Economists.
    25. Gomez-Limon, Jose A. & Arriaza, Manuel & Riesgo, Laura, 2003. "An MCDM analysis of agricultural risk aversion," European Journal of Operational Research, Elsevier, vol. 151(3), pages 569-585, December.

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