Effects of Farmers' Risk Attitudes and Personality Types on Production and Marketing Decisions

Pei Xu (), Corinne Alexander, George Patrick () and Wesley Musser
Additional contact information
George Patrick: Department of Agricultural Economics, College of Agriculture, Purdue University

No 05-10, Working Papers from Purdue University, College of Agriculture, Department of Agricultural Economics

Abstract: Producers’ risk perceptions, as well as their empirical measurement, have been an ongoing concern for agricultural economists. Identification and categorization of producers’ risk attitudes is important in both research and extension contexts. This study explores some alternative measures of farmers’ attitudes and their relationships with observed producer behavior. The effect of farmers’ personality types, as derived from the Myers-Briggs personality type indicator test, on marketing behavior is also explored. There were positive and statistically significant correlations of producers’ risk attitudes in various areas of the farm business. However, there are also some differences in producers’ willingness to risk, especially in the finance area. Although a number of variables were statistically significant, farm operator characteristics, characteristics of the farm operation and risk attitudes of the farm operator had little effect on measures of behavior thought to involve risk/return trade-offs. The Myers-Briggs personality types were used in an analysis of marketing behavior that focused on marketing tools other than the spot (cash) market. Although some of the personality types had significant effects, there were often differences between the marketing behavior associated with corn and soybeans.

Keywords: Risk attitudes; risk perceptions; economic behavior; production; marketing; and Myers-Briggs type indicator (search for similar items in EconPapers)
JEL-codes: D81 Q12 Q13 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2005-08
New Economics Papers: this item is included in nep-agr and nep-mkt
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: EFFECTS OF FARMERS' RISK ATTITUDES AND PERSONALITY TYPES ON PRODUCTION AND MARKETING DECISIONS (2005)
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