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Risk Attitudes Measured by the Interval Approach: A Case Study of Kansas Farmers

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  • Arthur C. Thomas

Abstract

Risk attitudes of farmers are of major importance to agricultural economists. This study utilizes a questionnaire designed to determine risk aversion levels. Risk aversion intervals are elicited using generalized stochastic dominance for thirty northeastern Kansas farmers in order to investigate the relationship between age and level of risk aversion, the consistency of risk aversion over five income ranges, and the accuracy of farmers self-assessments of risk aversion. Results indicate no statistically significant difference between the risk aversion levels of younger and older farmers. The majority of farmers expressed fairly consistent risk attitudes over different income ranges. Finally, farmers show some ability to assess their own risk attitudes.

Suggested Citation

  • Arthur C. Thomas, 1987. "Risk Attitudes Measured by the Interval Approach: A Case Study of Kansas Farmers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(5), pages 1101-1105.
    • Handle: RePEc:oup:ajagec:v:69:y:1987:i:5:p:1101-1105.
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    File URL: http://hdl.handle.net/10.2307/1242266
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    Cited by:

    1. Fausti, Scott W. & Gillespie, Jeffrey M., 2006. "Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), pages 1-18, June.
    2. Angelos Liontakis & Irene Tzouramani, 2016. "Economic Sustainability of Organic Aloe Vera Farming in Greece under Risk and Uncertainty," Sustainability, MDPI, vol. 8(4), pages 1-13, April.
    3. Williams, J. R. & DeLano, D. R. & Heiniger, R. W. & Vanderlip, R. L. & Llewelyn, R. V., 1999. "Replanting strategies for grain sorghum under risk," Agricultural Systems, Elsevier, vol. 60(2), pages 137-155, May.
    4. Ahearn, Mary Clare & Collender, Robert N. & Diao, Xinshen & Harrington, David H. & Hoppe, Robert A. & Korb, Penelope J. & Makki, Shiva S. & Morehart, Mitchell J. & Roberts, Michael J. & Roe, Terry L. , 2004. "Decoupled Payments In A Changing Policy Setting," Agricultural Economic Reports 33981, United States Department of Agriculture, Economic Research Service.
    5. Eihab M. Fathelrahman & James C. Ascough II & Dana L. Hoag & Robert W. Malone & Philip Heilman & Lori J. Wiles & Ramesh S. Kanwar, 2011. "Continuum of Risk Analysis Methods to Assess Tillage System Sustainability at the Experimental Plot Level," Sustainability, MDPI, vol. 3(7), pages 1-29, July.
    6. 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.
    7. Toland, Gerald D. Jr. & Schmiesing, Brain H. & Black, J. Roy, 1990. "A Comparison of Crop Yield Coverage Plans for Multiple Peril Crop Insurance," 1990 Annual meeting, August 5-8, Vancouver, Canada 271049, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Schurle, Bryan W. & Tierney, William I., Jr., 1990. "A Comparison of Risk Preference Measurements with Implications for Extension Programming," Staff Papers 118185, Kansas State University, Department of Agricultural Economics.
    9. Lombard, J. P. & Kassier, W. E., 1990. "Implementering Van Die Intervalbenadering By Die Bepaling Van Besluitnemers Se Houding Teenoor Risiko," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 29(4), December.

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