Attitude to risk in resource allocation among food crop farmers
Attitude to Risk in Resource Use and Allocation
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Apprehension of risk induces certain behavior into a farmer and this would grossly affect enterprise selection and consequently his resource use and allocation pattern. Farmers' attitude to risk was therefore examined. Analysis of data from 165 farmers, obtained using a two-stage sampling procedure was discussed in the book. Sources of risk were market failure, price fluctuation, drought, pest and diseases attack and erratic rainfall. Risk averse farmers were 144 representing 87.3% percent. However risk preference was higher among the males, farmers with larger farm sizes and smaller household...
Apprehension of risk induces certain behavior into a farmer and this would grossly affect enterprise selection and consequently his resource use and allocation pattern. Farmers' attitude to risk was therefore examined. Analysis of data from 165 farmers, obtained using a two-stage sampling procedure was discussed in the book. Sources of risk were market failure, price fluctuation, drought, pest and diseases attack and erratic rainfall. Risk averse farmers were 144 representing 87.3% percent. However risk preference was higher among the males, farmers with larger farm sizes and smaller household sizes. Risk aversion was significantly reduced by income diversification, credit assistance, and land ownership. On the other hand, household size, and education, significantly increased risk aversion. Risk minimized-allocation plans were of higher expected returns than the current practices. It is recommended that farm management research and the extension packages should be channelled to the farmers while considering the socio-economic environments that characterize their risk preferences.
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