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Panel Data Nonparametric Estimation of Production Risk and Risk Preferences: An Application to Polish Dairy Farms

Tomasz Czekaj and Arne Henningsen

No 2013/6, IFRO Working Paper from University of Copenhagen, Department of Food and Resource Economics

Abstract: We apply nonparametric panel data kernel regression to investigate production risk, out-put price uncertainty, and risk attitudes of Polish dairy farms based on a firm-level unbalanced panel data set that covers the period 2004–2010. We compare different model specifications and different approaches for obtaining firm-specific measures of risk attitudes. We found that Polish dairy farmers are risk averse regarding production risk and price uncertainty. According to our results, Polish dairy farmers perceive the production risk as being more significant than the risk related to output price uncertainty.

Keywords: production risk; price uncertainty; nonparametric econometrics; panel data; Polish dairy farms (search for similar items in EconPapers)
JEL-codes: C14 C23 D24 Q12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-eff, nep-rmg and nep-upt
Date: 2013-10
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