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Introducing socioeconomic characteristics into production analysis under risk

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  • Eli Feinerman
  • Israel Finkelshtain

Abstract

A theoretical framework is developed to study the effects of socioeconomic factors on farmers' risk attitudes and production decisions. No maintained assumptions about the individual's utility are required. A key element in this framework is the categorization of socioeconomic factors by their effect on the farmer's risk attitudes. A simple methodology for this categorization, based on the equivalence between the Arrow–Pratt measure of risk aversion and the probability of winning demanded, is proposed. The latter is illustrated with data collected in a survey of 180 Israeli farmers from 20 villages.

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  • Eli Feinerman & Israel Finkelshtain, 1996. "Introducing socioeconomic characteristics into production analysis under risk," Agricultural Economics, International Association of Agricultural Economists, vol. 13(3), pages 149-161, February.
    • Handle: RePEc:bla:agecon:v:13:y:1996:i:3:p:149-161
    DOI: 10.1111/j.1574-0862.1996.tb00384.x
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    Cited by:

    1. Finkelshtain, Israel & Feinerman, Eli, 1997. "Framing the Allais paradox as a daily farm decision problem: tests and explanations," Agricultural Economics, Blackwell, vol. 15(3), pages 155-167, January.
    2. Berbel, J. & Rodriguez-Ocana, A., 1998. "An MCDM approach to production analysis: An application to irrigated farms in Southern Spain," European Journal of Operational Research, Elsevier, vol. 107(1), pages 108-118, May.
    3. Luc Dossa & Barbara Rischkowsky & Regina Birner & Clemens Wollny, 2008. "Socio-economic determinants of keeping goats and sheep by rural people in southern Benin," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 25(4), pages 581-592, December.
    4. Azaiez, M. N., 2002. "A model for conjunctive use of ground and surface water with opportunity costs," European Journal of Operational Research, Elsevier, vol. 143(3), pages 611-624, December.
    5. Olarinde, Luke O. & Manyong, Victor M., 2008. "Risk aversion and sustainable maize production in Nigeria: Some challenges and prospects for agricultural and economic development," 2007 Second International Conference, August 20-22, 2007, Accra, Ghana 52080, African Association of Agricultural Economists (AAAE).
    6. Gomez-Limon, Jose Antonio & Riesgo, Laura & Arriaza Balmón, Manuel, 2002. "Agricultural Risk Aversion Revisited: A Multicriteria Decision-Making Approach," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24827, European Association of Agricultural Economists.
    7. Gomez-Limon, Jose A. & Arriaza, Manuel & Riesgo, Laura, 2003. "An MCDM analysis of agricultural risk aversion," European Journal of Operational Research, Elsevier, vol. 151(3), pages 569-585, December.

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