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Quantifying And Managing Risk In Agriculture

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  • Eidman, Vernon T.

Abstract

The purpose of this paper is to review relevant portions of the risk literature and propose an agenda of applied risk research. More specifically, the paper discusses the major sources of risk in agriculture, summarizes several methods of quantifying risk, summarizes the literature on estimates of agricultural producers' risk preferences, and briefly discusses alternative methods to manage risk. The applied research agenda given in the final section is included to promote discussion of ways that we can aid decision makers apply what has been learned. The discussion focuses on these topics as they relate to agricultural producing units. Many of the same procedures can be applied to firms in processing and distribution as well as to the analysis of aggregate policy issues. The comments are developed from experience, primarily in the United States, and based on work in other areas of the world.

Suggested Citation

  • Eidman, Vernon T., 1990. "Quantifying And Managing Risk In Agriculture," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 29(1), February.
    • Handle: RePEc:ags:agreko:267247
    DOI: 10.22004/ag.econ.267247
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    Citations

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    Cited by:

    1. Sartorius von Bach, H. J. & Koch, B. H. & van Zyl, J., 1992. "Relating Perceptions And Associated Economic Criteria To Economic Survival In Commercial Dryland Farming In South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 31(4), December.
    2. Donatella Porrini & Giulio Fusco & Pier Paolo Miglietta, 2019. "Post-Adversities Recovery and Profitability: The Case of Italian Farmers," IJERPH, MDPI, vol. 16(17), pages 1-12, September.
    3. MacNicol, R. & Ortmann, Gerald F. & Ferrer, Stuart R.D., 2008. "Management decisions on commercial sugarcane farms in KwaZulu-Natal: a focus on choice bracketing behaviour for risk management," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 47(1), pages 1-24, March.
    4. MacNicol, R. & Ortmann, Gerald F. & Ferrer, Stuart R.D., 2007. "Perceptions of key business and financial risk by large-scale sugarcane farmers in KwaZulu-Natal in a dynamic socio-political environment," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 46(3), pages 1-20, September.
    5. Stockil, R.C. & Ortmann, Gerald F., 1997. "Perceptions Of Risk Among Commercial Farmers In Kwazulu-Natal In A Changing Economic Environment," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 36(2), pages 1-21, June.
    6. Mohammed, M.A. & Ortmann, Gerald F., 2005. "Factors influencing adoption of livestock insurance by commercial dairy farmers in three Zobatat of Eritrea," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 44(2), pages 1-15, June.

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