Effects of Farmers' Risk Attitudes and Personality Types on Production and Marketing Decisions
Producers’ risk perceptions, as well as their empirical measurement, have been an ongoing concern for agricultural economists. Identification and categorization of producers’ risk attitudes is important in both research and extension contexts. This study explores some alternative measures of farmers’ attitudes and their relationships with observed producer behavior. The effect of farmers’ personality types, as derived from the Myers-Briggs personality type indicator test, on marketing behavior is also explored. There were positive and statistically significant correlations of producers’ risk attitudes in various areas of the farm business. However, there are also some differences in producers’ willingness to risk, especially in the finance area. Although a number of variables were statistically significant, farm operator characteristics, characteristics of the farm operation and risk attitudes of the farm operator had little effect on measures of behavior thought to involve risk/return trade-offs. The Myers-Briggs personality types were used in an analysis of marketing behavior that focused on marketing tools other than the spot (cash) market. Although some of the personality types had significant effects, there were often differences between the marketing behavior associated with corn and soybeans.
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