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Management of Multiple Sources of Risk in Livestock Production

Author

Listed:
  • McKendree, Melissa G.S.
  • Tonsor, Glynn T.
  • Schulz, Lee L.

Abstract

Firm operators continually manage multiple sources of risk. In an application to cattle feedlot operations, our objective is to determine if producers view output price and animal health risks separately or jointly. We conduct a survey with a choice experiment placing operators in forward looking, decision-making scenarios, and capture information on past risk management approaches. Evidence regarding a relationship between animal health and output price risk mitigation is mixed and depends on the decision being made. Combined, these results provide new insight into how managers approach multiple risks when facing resource constraints.

Suggested Citation

  • McKendree, Melissa G.S. & Tonsor, Glynn T. & Schulz, Lee L., 2021. "Management of Multiple Sources of Risk in Livestock Production," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 53(1), pages 75-93, February.
    • Handle: RePEc:cup:jagaec:v:53:y:2021:i:1:p:75-93_5
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    Cited by:

    1. Boyer, Christopher N. & DeLong, Karen L. & Griffith, Andrew P. & Martinez, Charles, 2024. "Examining how Risk Preferences and Information Affect Livestock Risk Protection Use," 2024 Annual Meeting, July 28-30, New Orleans, LA 343568, Agricultural and Applied Economics Association.
    2. Christopher N. Boyer & Karen L. DeLong & Andrew P. Griffith & Charles C. Martinez, 2024. "Factors influencing United States cattle producers use of livestock risk protection," Agricultural Economics, International Association of Agricultural Economists, vol. 55(4), pages 677-689, July.
    3. repec:ags:aaea22:343568 is not listed on IDEAS
    4. repec:ags:aaea22:335429 is not listed on IDEAS
    5. Boyer, Christopher N. & Park, Eunchun & Griffith, Andrew P. & DeLong, Karen L. & Martinez, Charles, 2023. "Impact of Subsidy on Livestock Risk Protection for Fed and Feeder Cattle," 2023 Annual Meeting, July 23-25, Washington D.C. 335429, Agricultural and Applied Economics Association.
    6. Boyer, Christopher N. & Griffith, Andrew P., 2023. "Subsidy Rate Changes on Livestock Risk Protection for Feeder Cattle," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(01), January.

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