Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 510012
Title Risk attitudes and the structure of decision-making : Evidence from the Illinois hog industry
Author(s) Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip
Source Agricultural Economics 48 (2017)1. - ISSN 0169-5150 - p. 41 - 50.
DOI http://dx.doi.org/10.1111/agec.12293
Department(s) Marketing and Consumer Behaviour
WASS
Publication type Refereed Article in a scientific journal
Publication year 2017
Keyword(s) Contracting - D81 - Q13 - Risk attitude - Risk behavior - Structural equation modeling
Abstract

Research offers mixed evidence about the risk management decision-making process of producers. Whether producers' characteristics drive behavior directly or through risk attitude remains a puzzle. We assess whether managerial/firm characteristics directly affect choices or if their influence occurs indirectly through impacts on risk attitude. The findings, which support indirect effects, indicate that failure to represent relationships between risk attitude, other characteristics, and behavior appropriately can mask the effect of risk attitude. A more complete understanding of the structure of decision-making may assist economists, policymakers, and industry stakeholders in designing and targeting mechanisms to manage or transfer risk.

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