Assessing risk attitudes of Agricultural decision makers Sharon K. Bard*, Peter J. Barry- Sambal member upload

Assessing risk attitudes of Agricultural decision makers Sharon K. Bard*, Peter J. Barry Agriculture production is high at risk due to the recent changes in the structure and technology base of the food system and in the policy environment. This chang

BY: Manoj Kumar
Original Source / Author: Sharon K. Bard 14 Nov, 2017
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Assessing risk attitudes of Agricultural decision makers

Sharon K. Bard*, Peter J. Barry

Agriculture production is high at risk due to the recent changes in the structure and technology base of the food system and in the policy environment. This change in agriculture has increased the value of decision analysis under risk. In this condition the assessment of measuring farmers’ attitude toward risks becomes very important and challenging. This study provides important tool for measuring an economic agent’s attitude toward risk. Based on attitudinal approach it  helps in the   development of ranking of peoples’ risk attitudes.

 

This  methodology is helpful in assessing farmers’ attitudes toward the risk in agriculture production  Risk attitude reflects person’s personality. It is influenced by socio-economic factors and life experiences. So the risk attitude of farmers influences how a farmer manages his business. “True risk attitudes” are not always apparent. Therefore, risk attitudes must usually be measured indirectly. A risk attitude scale has broad applicability. Researchers frequently investigate how risk attitudes influence economic decisions.

 

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