Factors influencing the simultaneous adoption of risk management instruments in Mediterranean irrigated agriculture
Sandra M. Sánchez-Cañizares,
M. Dolores Guerrero-Baena and
José A. Gómez-Limón
Journal of Environmental Planning and Management, 2022, vol. 65, issue 6, 1088-1109
Agriculture is highly impacted by different sources of risk. There is a wide variety of management instruments that farmers can use to cover these risks. The objective of this article is to analyze the explanatory variables for the simultaneous adoption of a large set of risk management instruments. The main innovation is the methodological approach: first, we apply a hierarchical cluster analysis to identify the groups of instruments whose adoption is correlated; second, we use multivariate probit (MVP) models to analyze the influence of different factors on the simultaneous adoption of the instruments included in each cluster. The explanatory variables capture farmers’ socio-demographic features, risk aversion and subjective perception of past risk experience; farms’ technical-economic characteristics; and local-level climate change. The results reveal significant differences in the variables influencing the adoption of the risk management instruments. The findings can support farmers, risk management service providers, and policymakers.
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jenpmg:v:65:y:2022:i:6:p:1088-1109
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