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Risk Management Through Enterprise Diversification: A Farm-Level Analysis

  • Mishra, Ashok K.
  • El-Osta, Hisham S.

Enterprise diversification is a self-insuring strategy used by farmers to protect against risk. This paper examines the impact of various farm, operator, and household characteristics on the level of on-farm diversification. Results provide evidence that larger farms are more specialized. Also, farmers who participate in off-farm income and farms located near urban areas are less likely to diversify. Additionally, results also show a significant positive relationship between diversification and farm/crop insurance and sole proprietorships. Finally, there is also evidence that farms that received government payments are more diversified than their counterparts.

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File URL: http://purl.umn.edu/19711
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19711.

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Date of creation: 2002
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Handle: RePEc:ags:aaea02:19711
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  1. El-Osta, Hisham S. & Bernat, G. Andrew, Jr. & Ahearn, Mary Clare, 1995. "Regional Differences In The Contribution Of Off-Farm Work To Income Inequality," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 24(1), April.
  2. Samuelson, Paul A., 1967. "General Proof that Diversification Pays," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(01), pages 1-13, March.
  3. Wolfgang Briglauer, . "Motives for Firm Diversification. A Survey on Theory and Empirical Evidence," WIFO Working Papers 126, WIFO.
  4. Berry, Charles H, 1971. "Corporate Growth and Diversification," Journal of Law and Economics, University of Chicago Press, vol. 14(2), pages 371-84, October.
  5. Ashok K. Mishra & Carmen L. Sandretto, 2002. "Stability of Farm Income and the Role of Nonfarm Income in U.S. Agriculture," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 24(1), pages 208-221.
  6. Harwood, Joy L. & Heifner, Richard G. & Coble, Keith H. & Perry, Janet E. & Somwaru, Agapi, 1999. "Managing Risk in Farming: Concepts, Research, and Analysis," Agricultural Economics Reports 34081, United States Department of Agriculture, Economic Research Service.
  7. Ashok K. Mishra & Barry K. Goodwin, 1997. "Farm Income Variability and the Supply of Off-Farm Labor," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 880-887.
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