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Risks and Risk Management in Agri-food Chains

Author

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  • Hrabrin I. BACHEV

    (Institute of Agricultural Economics, Bulgaria.)

Abstract

Risks management studies in the agri-food sector predominately focus on the technical methods and the capability to perceive, prevent, mitigate, and recover from diverse risks. In most economic publications the risks are usually studied as another commodity regulated by the market supply and demand, and the farmers “willingness to pay” for an insurance contract modeled. At the same time, the risk management analysis largely ignore a significant “human nature” based (bounded rationality, opportunism) risk, critical factors for the managerial choice such as the institutional environment and the transaction costs, and diversity of alternative (market, private, collective, public, hybrid) modes of risk management. This paper incorporates the interdisciplinary New Institutional Economics and presents a comprehensive framework for analyzing the risk management in the agri-food sector. First, it specifies the diverse (natural, technical, behavioral, economic, policy etc.) type of agri-food risks, and the market, private, public and hybrid modes of their management. Second, it defines the efficiency of risk management and identifies (personal, institutional, dimensional, technological, natural) factors of governance choice. Third, it presents stages in the analysis of risk management and for the improvement of public intervention in the risk governance. Forth, it identifies the contemporary opportunities and challenges for the risk governance in the agri-food chain. Finally, it identifies challenges, assesses efficiency, and present responses of the agri-food risk management after the Fukushima nuclear accident in Japan in March 2011.

Suggested Citation

  • Hrabrin I. BACHEV, 2016. "Risks and Risk Management in Agri-food Chains," Journal of Economics Bibliography, KSP Journals, vol. 3(2), pages 312-357, June.
  • Handle: RePEc:ksp:journ6:v:3:y:2016:i:2:p:312-357
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    References listed on IDEAS

    as
    1. Richard Shepherd & Gary Barker & Simon French & Andy Hart & John Maule & Angela Cassidy, 2006. "Managing Food Chain Risks: Integrating Technical and Stakeholder Perspectives on Uncertainty," Journal of Agricultural Economics, Wiley Blackwell, vol. 57(2), pages 313-327, July.
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    More about this item

    Keywords

    Agri-food chain and risk management; Market; Private and public governance; Fukushima nuclear disaster.;
    All these keywords.

    JEL classification:

    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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