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Preference for Risk Management Information Sources: Implications for Extension and Outreach Programming

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  • Rejesus, Roderick M.
  • Knight, Thomas O.
  • Jaramillo, Mauricio
  • Coble, Keith H.
  • Patrick, George F.
  • Baquet, Alan

Abstract

This article examines farmers’ preferences for various risk management information sources. Our results suggest that information from risk management experts, in-depth materials studied on their own, and popular press outlets tend to be preferred and are ranked highly by producers. Using a regression model to investigate farmer/farm attributes that affect preference for a particular risk management information source, we find that younger farmers with college education, higher leverage, assets greater than $1 million, risk-loving attitudes, and who have used professional services (marketing consultants) tend to prefer information from risk management experts, the Internet, and marketing clubs/other producers. On the other hand, producers who prefer self-study of educational materials and popular press information sources tend to be younger, with lower leverage levels, and have used fewer professional services.

Suggested Citation

  • Rejesus, Roderick M. & Knight, Thomas O. & Jaramillo, Mauricio & Coble, Keith H. & Patrick, George F. & Baquet, Alan, 2008. "Preference for Risk Management Information Sources: Implications for Extension and Outreach Programming," Agricultural and Resource Economics Review, Cambridge University Press, vol. 37(1), pages 106-116, April.
    • Handle: RePEc:cup:agrerw:v:37:y:2008:i:01:p:106-116_00
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    References listed on IDEAS

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    1. Davis, Todd D. & Patrick, George F. & Coble, Keith H. & Knight, Thomas O. & Baquet, Alan E., 2005. "Forward Pricing Behavior of Corn and Soybean Producers," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 37(1), pages 145-160, April.
    2. Gloy, Brent A. & Akridge, Jay T. & Whipker, Linda D., 2000. "The Usefulness And Influence Of Information Sources On Commercial Farms," 2000 Annual meeting, July 30-August 2, Tampa, FL 21735, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Patrick, George F. & Baquet, Alan E. & Coble, Keith H. & Knight, Thomas O., 2000. "Hog Risk Management Survey: Summary And Preliminary Analysis," Staff Papers 28638, Purdue University, Department of Agricultural Economics.
    4. Knight, Thomas O. & Coble, Keith H. & Patrick, George F. & Baquet, Alan E., 2003. "Risk Management Education: An Examination of Crop Producers' Participation in Recent Programs and of Their Desire for Additional Training," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 35(3), pages 571-587, December.
    5. Unknown, 2005. "Forward," 2005 Conference: Slovenia in the EU - Challenges for Agriculture, Food Science and Rural Affairs, November 10-11, 2005, Moravske Toplice, Slovenia 183804, Slovenian Association of Agricultural Economists (DAES).
    6. Joost M.E. Pennings & Philip Garcia, 2001. "Measuring Producers' Risk Preferences: A Global Risk-Attitude Construct," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 993-1009.
    7. David C. Hall & Thomas O. Knight & Keith H. Coble & Alan E. Baquet & George F. Patrick, 2003. "Analysis of Beef Producers' Risk Management Perceptions and Desire for Further Risk Management Education," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(2), pages 430-448.
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