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The Risk Attitudes of U.S. Farmers: Comparisons to the General Population and Business Owners

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  • Roe, Brian E.

Abstract

I compare the risk attitudes of a large, representative sample of farmers to representative samples of the general population and of non-farm small business owners using a robust survey measure of risk tolerance. I find no difference between farmers and the general population in average risk tolerance while small business owners are significantly more risk tolerant than farmers. If farmers shared the same demographic profile as the general population, farmers would be significantly more risk tolerant while if farmers shared the profile of nonfarm business owners they would have similar risk tolerance.

Suggested Citation

  • Roe, Brian E., 2011. "The Risk Attitudes of U.S. Farmers: Comparisons to the General Population and Business Owners," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103226, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:aaea11:103226
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    File URL: http://purl.umn.edu/103226
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    Keywords

    Farmers; risk attitudes; occupational choice; Agricultural and Food Policy; Institutional and Behavioral Economics; Political Economy; Risk and Uncertainty; D81; Q18;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy

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