Risk attitudes and the structure of decisionâ€ making: evidence from the Illinois hog industry
Jason R.V. Franken,
Joost M.E. Pennings and
Agricultural Economics, 2017, vol. 48, issue 1, 41-50
Research offers mixed evidence about the risk management decisionâ€ making process of producers. Whether producersâ€™ characteristics drive behavior directly or through risk attitude remains a puzzle. We assess whether managerial/firm characteristics directly affect choices or if their influence occurs indirectly through impacts on risk attitude. The findings, which support indirect effects, indicate that failure to represent relationships between risk attitude, other characteristics, and behavior appropriately can mask the effect of risk attitude. A more complete understanding of the structure of decisionâ€ making may assist economists, policymakers, and industry stakeholders in designing and targeting mechanisms to manage or transfer risk.
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