Demonstrating Differences in Risk Attitudes

Differences in individuals' risk attitudes often affect farm management decisions. In this paper, agricultural choice dilemmas are used to illustrate sources of risk, risk-returns trade-offs and a scale of risk attitudes. This scale has been used with farmers, professional farm managers, and ag...

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Bibliographic Details
Published in:Journal of the American Society of Farm Managers and Rural Appraisers 2002-01, p.15-20
Main Authors: Musser, Wesley N., Patrick, George F., Ullerich, Stanton
Format: Article
Language:English
Subjects:
Agricultural lending
Agricultural management
Agricultural production
Agriculture
Assumption of risk
Attitudes
Corn
Farm management
Farmers
Farms
Financial risk
Harvest
Horticulture
Lenders
Livestock
Management decisions
Professional Forum & Perspectives
Psychological attitudes
Risk management
Risk preferences
Utility functions
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Summary:Differences in individuals' risk attitudes often affect farm management decisions. In this paper, agricultural choice dilemmas are used to illustrate sources of risk, risk-returns trade-offs and a scale of risk attitudes. This scale has been used with farmers, professional farm managers, and agricultural lenders and can be useful in group decision situations.
ISSN:0003-116X