Grass seed producers in the Willamette Valley Public Deposited

An econometric analysis of risk attitudes among grass seed producers in the Willamette Valley

http://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/gq67jv31f

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  • The present increasing need for the development of empirical hypotheses that explain the decisionmakers' behavior towards risk is to provide an understanding of the framework within which an industry operates. Such hypotheses could facilitate the implementation of policies designed to solve problems identified within an industry and could also provide some useful tools to be used for the necessary supply adjustments. Investigation of the factors that have been important in influencing risk attitudes among grass producers in Oregon's Willamette Valley is the object of this research. Educational level and age are hypothesized and empirically tested to have significant effects on farmers' risk preferences. Other factors like percentages of land under control and farm debt are also considered to be of equal importance. The interaction of the mentioned variables among themselves could, possibly, affect producers' risk behavior. Identification of factors exerting significant effects on risk aversion, measured by Pratt coefficient, was attained through using a single equation linear regression model. Individuals with less education are found to be more averters to risk than others with higher educational levels. Increased land ownership is associated with increased aversion to take risk for highly educated producers while it increases risk taking for less educated ones. Age and percent of farm debt are determined to be directly and inversely related to risk aversion, respectively. The interaction of education with percent land ownership and age significantly increased and decreased aversion to risk respectively. The inclusion of binary variables for risk neutrality and risk taking together with their interactions with the other variables resulted in different effects exerted by education and percent land ownership for risk neutral individuals. No significant differences were found to exist between the behavior of risk takers compared to risk averters, however.
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