The Role of Markets for Managing Agricultural Risks in Developing Countries

Peter Hazell

Chapter 17 in Community, Market and State in Development, 2010, pp 291-310 from Palgrave Macmillan

Abstract: Abstract Agricultural production is typically a risky business. Farmers face a variety of price, yield, and resource risks that make their incomes unstable and unpredictable from year to year. In many cases, farmers are also confronted by the risk of catastrophe. For example, crops may be totally destroyed by hurricane, fire, drought, pests, or diseases, and product prices may plummet because of adjustments in local or world markets. The type and severity of the risks confronting farmers vary with the farming system and with the agroclimatic, policy, and institutional setting. Agricultural risks are particularly burdensome to small-scale farmers in the developing world.

Keywords: Future Market; Option Market; Poverty Trap; Price Risk; Index Insurance (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29501-8_17

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DOI: 10.1057/9780230295018_17

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