Do Irish cereal producers use multiple cropping as a strategy for dealing with risk?

Gerard Boyle and Kieran McQuinn

Economics Department Working Paper Series from Department of Economics, National University of Ireland - Maynooth

Abstract: Portfolio theory suggests that risk-averse agents favour a diversified portfolio of assets as a strategy to offset market risk. This paper explicitly tests whether Irish cereal producers decision to engage in multi-crop production (asset diversification) in itself reveals a relatively risk-averse nature. The issue is examined within the context of sample selection bias, where multi-croppers (portfolio diversifiers) are treated as a sub-sample of a general sample (mono + multi croppers) of Irish cereal production.

Keywords: Risk Attitudes; Heckman Two-Step; Fixed Effects. (search for similar items in EconPapers)
JEL-codes: C33 C34 Q12 Q14 (search for similar items in EconPapers)
Pages: 26
Date: 2003-09
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Persistent link: https://EconPapers.repec.org/RePEc:may:mayecw:n1250903

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