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Assessing farmers' risk attitudes based on economic, social, personal, and environmental sources of risk: evidence from Sweden

  • Lagerkvist, Carl Johan
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    This paper examines farmers'’ risk attitudes, obtained by responses to sources of risk, using an attitudinal scale approach. Economic, social, personal, and environmental sources of risk are considered in the measurement of risk attitudes. In addition, use of various types of expertise and information sources are included as risk management tools. Inferences are drawn from results of a survey mailed to a representative random sample of 500 farmers drawn from the population of medium to large farms (by acreage) in southern Sweden. Regarding the adequacy of the results it was found that a mail survey produces results similar to earlier results obtained by personal interview. Farmers'’ responses to the attitudinal scales showed levels of communal variation between 80 and 83%, which is higher than the result reported by Bard and Barry (2000) (68.6%). This indicates that a broader field of risk sources improves the measurement of risk attitudes. The results further indicate a slight degree of risk aversion and that crop and livestock farmers use different sets of risk management tools, depending on their risk attitudes. The results of this work are of relevance because if attitudes induce risk response, then the communication approaches for extension services or policy makers will be very different than if it is ‘'risk'’, as that word is typically used.

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    File URL: http://purl.umn.edu/19361
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    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19361.

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    Date of creation: 2005
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    Handle: RePEc:ags:aaea05:19361
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    1. Moschini, GianCarlo & Hennessy, David A., 2001. "Uncertainty, Risk Aversion, and Risk Management for Agricultural Producers," Staff General Research Papers 5323, Iowa State University, Department of Economics.
    2. Lien, Gudbrand, 2002. "Non-parametric estimation of decision makers' risk aversion," Agricultural Economics, Blackwell, vol. 27(1), pages 75-83, May.
    3. Lien, Gudbrand, 2002. "Non-parametric estimation of decision makers' risk aversion," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 27(1), May.
    4. Fraser, R. W. & Lekakis, J. N., 2003. "Risk Management and the Environment: Agriculture in Perspective," Staff General Research Papers 10594, Iowa State University, Department of Economics.
    5. Rulon D. Pope, 2003. "Agricultural Risk Analysis: Adequacy of Models, Data, and Issues," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(5), pages 1249-1256.
    6. Henry Kaiser, 1958. "The varimax criterion for analytic rotation in factor analysis," Psychometrika, Springer, vol. 23(3), pages 187-200, September.
    7. Bard, Sharon K. & Barry, Peter J., 2001. "Assessing Farmers' Attitudes Toward Risk Using The "Closing-In" Method," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(01), July.
    8. Lindon J. Robison & Jan L. Flora, 2003. "The Social Capital Paradigm: Bridging across Disciplines," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(5), pages 1187-1193.
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