Measuring farmers’ preferences for risk
A domain-specific risk preference scale
Bibliographic Data
| ID | 12598106 |
|---|---|
| Authors | Helena Hansson (0000-0001-9609-4387, Swedish University of Agricultural Sciences, corresponding author), C J Lagerkvist (0000-0003-1191-9445, Swedish University of Agricultural Sciences) |
| Year | 2012 |
| Volume | 15 |
| Issue | 7 |
| Pages | 737-753 |
| Publication date | 2012-03-05 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Risk Research (JOURNAL) |
| Journal identifiers | ISSN: 1366-9877 • E-ISSN: 1466-4461 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/13669877.2012.657217 |
| OpenAlex | W2122442291 |
| Language | EN |
| Citations received | 7 |
| References cited | 39 |
A behavioral framework and psychometric theory were used to develop a domain-specific scale to measure farmers’ preferences (attitudes) for risk, when the expected benefits and perceived risks of each domain were explicitly modeled. Exploratory factor analyses based on a sample of 237 Swedish farmers highlighted three risk domains, which we termed ‘Up-to-date and in deliberate control of production,’ ‘Carefulness and planning in general’ and ‘Progressive farming.’ The results suggested that farmers are risk-averse in all domains. External validation of the domain-specific measurement scale suggested that it could significantly predict the observed five-year volatility in farm income. The suggested domain-specific measurement scale is of practical importance for the farmers themselves, the agribusiness, and for policy-makers
Actuarial science · Agribusiness · Agriculture · Developmental psychology · Domain (mathematical analysis · Econometrics · Economics · Expected utility hypothesis · Exploratory factor analysis · Financial economics · Geography · Microeconomics · Preference · Psychometrics · Risk aversion (psychology · Sample (material · Scale (ratio · Volatility (finance · Agricultural and Rural Development Research · Agricultural Innovations and Practices · Agricultural risk and resilience · Mathematics · Psychology
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| Citations per year | 0.54 |
|---|---|
| Citation span | 2013 - 2025 (13) |
| Highly cited | No |