Risk aversion and credit constraints in farmers' decision‐making
A reinterpretation
Bibliographic Data
| ID | 20302735 |
|---|---|
| Authors | Hans P Binswanger (a Senior Economist at the World Bank , Washington, D.C.), Donald A Sillers (b Economist at the US Department of Agriculture , Washington, D.C.) |
| Year | 1983 |
| Volume | 20 |
| Issue | 1 |
| Pages | 5-21 |
| Publication date | 1983-10-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Journal of Development Studies (JOURNAL) |
| Journal identifiers | ISSN: 0022-0388 • E-ISSN: 1743-9140 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00220388308421885 |
| OpenAlex | W2057679515 |
| Language | EN |
| Citations received | 61 |
| References cited | 4 |
In 1976 the Agricultural Development Council sponsored a conference on ‘Risk, Uncertainty and Agricultural Development’ which has been summarised in a volume edited by James Roumasset, Jean‐Marc Boussard and Inderjit Singh [1979]. The volume provides an excellent review of the state of the art at that time. However, as discussed in the summary chapters of that volume, there were few theoretical, empirical, or policy issues on which clear conclusions could be reached on the basis of knowledge then available. In the intervening years progress has been made on a number of issues as a result of both empirical investigations and theoretical advances. This paper concentrates on advances which have relevance to the controversy about the relative roles of risk aversion and credit constraints in limiting farmers’ investment levels, especially for purchased inputs such as seeds or fertilizers. In particular, we review recent experimental studies on the extent of risk aversion among farmer populations in developing countries. We then consider recent theoretical insights into the causal relationships between risk, risk aversion, and imperfect information on the one hand, and credit‐market imperfections or constraints on the other
Actuarial science · Economics · Expected utility hypothesis · Financial economics · Imperfect · Investment (military) · Political science · Positive economics · Public economics · Reinterpretation · Relevance (law) · Risk aversion (psychology) · Agricultural Innovations and Practices · Agricultural risk and resilience · Law · Microfinance and Financial Inclusion
Land degradation and poverty
Transactions in rural credit markets in Western Orissa, India
Credit Constraints and Distress Sales in Rural India
Context-specific and Project-induced Risk
Time to Change What to Sow
The role of education in facilitating risk-taking and innovation in agriculture
Contracts With Eviction in Infinitely Repeated Principal–Agent Relationships
Interlinkages and the Pattern of Competition
Peasants' Risk Aversion and the Choice of Marketing Intermediaries and Contracts
A Note on Interlinked Rural Economic Arrangements
Agrarian Structure, Technological Innovations, and the State
Institutional Analysis of Credit Co‐Operatives
Theories of Sharecropping
On Choice Among Creditors and Bonded Labour Contracts
A Comparison of Principal–Agent and Bargaining Solutions
Credit Rationing, Tenancy, Productivity, and the Dynamics of Inequality
Production Relations in Semi‐Arid African Agriculture
Agricultural Institutions for Insurance and Stabilization
Rational Peasants, Efficient Institutions, and a Theory of Rural Organization
Rural Credit Markets
The Economic theory of agrarian institutions
Some Aspects of Linked Product and Credit Market Contracts Among Risk‐Neutral Agents
Agricultural Producer Co‐Operatives
Preference Parameters and Behavioral Heterogeneity
Using Experimental Economics to Measure Social Capital and Predict Financial Decisions
Measuring individual risk attitudes in the lab
The adoption of agricultural innovations
Alternative Approaches to the Theory of Institutions in Economic Development
Credit and Agrarian Class Structure
Access to Capital and Agrarian Production Organisation
Financial market efficiency in an Agrarian economy
Becoming A Market Participant
Insuring against climatic shocks
Social capital is associated with both risk-taking and risk-avoidance in rural Bangladesh
Rural Livelihood Diversification Strategies in Nepal
Productive efficiency of specialty and conventional coffee farmers in Costa Rica
Rural Finance and Agricultural Technology Adoption in Ethiopia
Microenterprise finance
A heterogeneous agent model of credit-linked index insurance and farm technology adoption
Do farmers choose to be inefficient? Evidence from Bicol
A hierarchy model of associative farming
Equilibrium credit rationing of small farm agriculture
Insurance, credit, and technology adoption
Insurance market efficiency and crop choices in Pakistan
Credit as insurance in agrarian economies
The credit market and rural development
Linking Risk Aversion, Time Preference and Fertiliser Use in Burkina Faso
Can crop insurance work? The case of India
Eliciting Risk Attitudes in the Field
Is There Too Much Hype about Index-based Agricultural Insurance
Using Field Experiments to Elicit Risk and Ambiguity Preferences
The Effect of Household Wealth on Fertiliser Use in the Presence of Uncertainty
The effect of ambiguous risk, and coordination on farmers' adaptation to climate change — A framed field experiment
Modelling choices and social interactions with a threshold public good
The effect of the Common Agricultural Policy reforms on intentions towards food production
Applying Behavioral Ecology and Behavioral Economics to Conservation and Development Planning
Factors Affecting Small Farmers' Access to Institutional Credit in Rural Orissa, India
Trustworthiness and Social Capital in South Africa
Crescimento econômico e oferta de alimentos no Brasil
Do Risk and Time Experimental Choices Represent Individual Strategies for Coping with Poverty or Conformity to Social Norms
Are Peasants Risk-Averse Decision Makers
| Unique citing works | 61 |
|---|---|
| Citations per year | 1,52 |
| Citation span | 1986 - 2026 (41) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 55 |