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Decision-Making Process of Farmers' in Present Political Economy of Agrarian Crisis with a Study of Burdwan District of West Bengal, India

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  • Partha Mukhopadhyay

    (National Institute of Technology Durgapur, Durgapur, India)

  • Partha Pratim Sengupta

    (Department of Humanities and Social Sciences, National Institute of Technology Durgapur, Durgapur, India)

Abstract

The agricultural sector is less contributing sector than service and manufacturing sector in terms of share in the total GDP in India. For last two decades, farmers suicide in India has been. The question is how the individual farmers are taking such drastic decision. Decision-making process is the most complex function of any individuals. But the judgment is influenced by a number of factors like emotion, mania, framing bias etc. By combining behavioral and cognitive psychological theory with conventional economics and finance, Behavioral Economics seeks to provide explanation for peoples' decision-making process such as economic decision. Recently, Burdwan District has become the news headlines for farmers' suicide. In this study the authors have been applying Behavioral theories to the farmers' decision-making process to find the influencing variable(s) and by factor analysis and Structural Equation Modelling. It is found that only Herding effect and Market information have strongly influenced the decision-making process of the farmers of the said district.

Suggested Citation

  • Partha Mukhopadhyay & Partha Pratim Sengupta, 2017. "Decision-Making Process of Farmers' in Present Political Economy of Agrarian Crisis with a Study of Burdwan District of West Bengal, India," International Journal of Sustainable Economies Management (IJSEM), IGI Global, vol. 6(1), pages 96-113, January.
    • Handle: RePEc:igg:jsem00:v:6:y:2017:i:1:p:96-113
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