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Do Irish cereal producers use multiple cropping as a strategy for dealing with risk?

Author

Listed:
  • Boyle, G.E.

    () (Economics Dept, NUI Maynooth)

  • McQuinn, K.

    (Central Bank of Ireland)

Abstract

Portfolio theory suggests that risk-averse agents favour a diversified portfolio of assets as a strategy to offset market risk. This paper explicitly tests whether Irish cereal producers decision to engage in multi-crop production (asset diversification) in itself reveals a relatively risk-averse nature. The issue is examined within the context of sample selection bias, where multi-croppers (portfolio diversifiers) are treated as a sub-sample of a general sample (mono + multi croppers) of Irish cereal production.

Suggested Citation

  • Boyle, G.E. & McQuinn, K., 2003. "Do Irish cereal producers use multiple cropping as a strategy for dealing with risk?," Economics, Finance and Accounting Department Working Paper Series n1250903, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  • Handle: RePEc:may:mayecw:n1250903
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    More about this item

    Keywords

    Risk Attitudes; Heckman Two-Step; Fixed Effects.;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models; Switching Regression Models
    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance

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