Comparing risk attitudes of organic and non-organic farmers with a Bayesian random coefficient model

Cornelis Gardebroek

European Review of Agricultural Economics, 2006, vol. 33, issue 4, 485-510

Abstract: Organic farming is usually considered to be more risky than conventional farming, but the risk aversion of organic farmers compared with that of conventional farmers has not been studied. Using a non-structural approach to risk estimation, a Bayesian random coefficient model is used to obtain individual Arrow--Pratt coefficients of absolute risk aversion for a sample of Dutch organic and non-organic arable farmers. The model is estimated using Gibbs sampling. The results indicate that organic farmers are significantly less risk averse than their non-organic colleagues. Copyright 2006, Oxford University Press.

Date: 2006
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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