메뉴 건너뛰기




Volumn 48, Issue 1, 2017, Pages 41-50

Risk attitudes and the structure of decision-making: evidence from the Illinois hog industry

Author keywords

Contracting; D81; Q13; Risk attitude; Risk behavior; Structural equation modeling

Indexed keywords

AGROINDUSTRY; DECISION MAKING; FARMERS ATTITUDE; LIVESTOCK FARMING; NUMERICAL MODEL; PIG; RISK ASSESSMENT;

EID: 84994896291     PISSN: 01695150     EISSN: 15740862     Source Type: Journal    
DOI: 10.1111/agec.12293     Document Type: Article
Times cited : (14)

References (65)
  • 1
    • 0000597931 scopus 로고
    • Risk preferences and the economics of contracts
    • Allen, D.W., Lueck, D., 1995. Risk preferences and the economics of contracts. Am. Econ. Rev. 85, 447–451.
    • (1995) Am. Econ. Rev , vol.85 , pp. 447-451
    • Allen, D.W.1    Lueck, D.2
  • 2
    • 0033477598 scopus 로고    scopus 로고
    • The role of risk in contract choice
    • Allen, D.W., Lueck, D., 1999. The role of risk in contract choice. J. Law Econ. Org. 15, 704–736.
    • (1999) J. Law Econ. Org , vol.15 , pp. 704-736
    • Allen, D.W.1    Lueck, D.2
  • 3
    • 74749091839 scopus 로고    scopus 로고
    • Preference heterogeneity in experiments: Comparing the field and laboratory
    • Andersen, S., Harrison, G.W., Lau, M.I., Rutström, E.E., 2010. Preference heterogeneity in experiments: Comparing the field and laboratory. J. Econ. Behav. Org. 73, 209–224.
    • (2010) J. Econ. Behav. Org , vol.73 , pp. 209-224
    • Andersen, S.1    Harrison, G.W.2    Lau, M.I.3    Rutström, E.E.4
  • 5
    • 49749097162 scopus 로고    scopus 로고
    • Preference construction and preference stability: Putting the pillow to rest
    • Bettman, J.R., Luce, M.F., Payne, J.W., 2008. Preference construction and preference stability: Putting the pillow to rest. J. Cons. Psychol. 18, 170–174.
    • (2008) J. Cons. Psychol , vol.18 , pp. 170-174
    • Bettman, J.R.1    Luce, M.F.2    Payne, J.W.3
  • 6
    • 0001341364 scopus 로고
    • Attitudes toward risk: Experimental measurement in rural India
    • Binswanger, H.P., 1980. Attitudes toward risk: Experimental measurement in rural India. Am. J. Agric. Econ. 62, 395–407.
    • (1980) Am. J. Agric. Econ , vol.62 , pp. 395-407
    • Binswanger, H.P.1
  • 10
    • 77956266558 scopus 로고    scopus 로고
    • The impact of risk attitudes on entrepreneurial survival
    • Caliendo, M., Fossen, F., Kritikos, A., 2010. The impact of risk attitudes on entrepreneurial survival. J. Econ. Behav. Org. 76, 45–63.
    • (2010) J. Econ. Behav. Org , vol.76 , pp. 45-63
    • Caliendo, M.1    Fossen, F.2    Kritikos, A.3
  • 11
    • 33845945922 scopus 로고
    • Coefficient alpha and the internal structure of tests
    • Cronbach, L.J., 1951. Coefficient alpha and the internal structure of tests. Psychometrika 16, 297–334.
    • (1951) Psychometrika , vol.16 , pp. 297-334
    • Cronbach, L.J.1
  • 12
    • 34147126530 scopus 로고    scopus 로고
    • Factors affecting the selection of business arrangements by U.S. Hog farmers
    • Davis, C.G., Gillespie, J.M., 2007. Factors affecting the selection of business arrangements by U.S. Hog farmers. Rev. Agric. Econ. 29, 331–348.
    • (2007) Rev. Agric. Econ , vol.29 , pp. 331-348
    • Davis, C.G.1    Gillespie, J.M.2
  • 13
    • 79551504458 scopus 로고    scopus 로고
    • The direct and indirect effects of ‘locally grown’ on consumers’ attitudes towards agri-food products
    • Dentoni, D., Tonsor, G.T., Calantone, R.J., Peterson, H.C., 2009. The direct and indirect effects of ‘locally grown’ on consumers’ attitudes towards agri-food products. Agric. Res. Econ. Rev. 38, 384–396.
    • (2009) Agric. Res. Econ. Rev , vol.38 , pp. 384-396
    • Dentoni, D.1    Tonsor, G.T.2    Calantone, R.J.3    Peterson, H.C.4
  • 14
    • 79955812678 scopus 로고    scopus 로고
    • Individual risk attitudes: Measurement, determinants, and behavioral consequences
    • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., Wagner, G.G., 2011. Individual risk attitudes: Measurement, determinants, and behavioral consequences. J. Eur. Econ. Assoc. 9, 522–550.
    • (2011) J. Eur. Econ. Assoc , vol.9 , pp. 522-550
    • Dohmen, T.1    Falk, A.2    Huffman, D.3    Sunde, U.4    Schupp, J.5    Wagner, G.G.6
  • 15
    • 0035611744 scopus 로고    scopus 로고
    • Estimating risk attitudes using lotteries: A large sample approach
    • Donkers, B., Melenberg, B., Soest, A.V., 2001. Estimating risk attitudes using lotteries: A large sample approach. J. Risk Uncert. 22, 165–195.
    • (2001) J. Risk Uncert , vol.22 , pp. 165-195
    • Donkers, B.1    Melenberg, B.2    Soest, A.V.3
  • 16
    • 34248550068 scopus 로고    scopus 로고
    • Risk attitude and market behavior: Evidence from experimental asset markets
    • Fellner, G., Maciejovsky, B., 2007. Risk attitude and market behavior: Evidence from experimental asset markets. J. Econ. Psychol. 28, 338–350.
    • (2007) J. Econ. Psychol , vol.28 , pp. 338-350
    • Fellner, G.1    Maciejovsky, B.2
  • 18
    • 84904614545 scopus 로고    scopus 로고
    • Measuring the effect of risk attitude on marketing behavior
    • Franken, J.R.V., Pennings, J.M.E., Garcia, P., 2014. Measuring the effect of risk attitude on marketing behavior. Agric. Econ. 45, 525–535.
    • (2014) Agric. Econ , vol.45 , pp. 525-535
    • Franken, J.R.V.1    Pennings, J.M.E.2    Garcia, P.3
  • 19
    • 70349849515 scopus 로고    scopus 로고
    • Do transaction costs and risk preferences influence marketing arrangements in the Illinois hog industry?
    • Franken, J.R.V., Pennings, J.M.E., Garcia, P., 2009. Do transaction costs and risk preferences influence marketing arrangements in the Illinois hog industry? J. Agric. Res. Econ. 34, 297–315.
    • (2009) J. Agric. Res. Econ , vol.34 , pp. 297-315
    • Franken, J.R.V.1    Pennings, J.M.E.2    Garcia, P.3
  • 20
    • 53549126880 scopus 로고    scopus 로고
    • Choosing outcomes versus choosing products: Consumer-focused retirement investment advice
    • Goldstein, D.G., Johnson, E.J., Sharpe, W.F., 2008. Choosing outcomes versus choosing products: Consumer-focused retirement investment advice. J. Cons. Res. 35, 440–456.
    • (2008) J. Cons. Res , vol.35 , pp. 440-456
    • Goldstein, D.G.1    Johnson, E.J.2    Sharpe, W.F.3
  • 22
    • 0001976566 scopus 로고
    • Utility measurement for those who need to know
    • Halter, A., Mason, R., 1978. Utility measurement for those who need to know. West. J. Agric. Econ. 3, 99–109.
    • (1978) West. J. Agric. Econ , vol.3 , pp. 99-109
    • Halter, A.1    Mason, R.2
  • 23
    • 0000194533 scopus 로고
    • Upper echelons: The organization as a reflection of its top managers
    • Hambrick, D.C., Mason, P.A., 1984. Upper echelons: The organization as a reflection of its top managers. Acad. Mgmt. Rev. 9, 193–206.
    • (1984) Acad. Mgmt. Rev , vol.9 , pp. 193-206
    • Hambrick, D.C.1    Mason, P.A.2
  • 24
    • 77953876544 scopus 로고    scopus 로고
    • The fourfold pattern of risk attitudes in choice and pricing tasks
    • Harbaugh, W.T., Krause, K., Vesterlund, L., 2010. The fourfold pattern of risk attitudes in choice and pricing tasks. Econ. J. 120, 595–611.
    • (2010) Econ. J , vol.120 , pp. 595-611
    • Harbaugh, W.T.1    Krause, K.2    Vesterlund, L.3
  • 25
    • 76549116128 scopus 로고    scopus 로고
    • Choice under uncertainty: Evidence from Ethiopia, India and Uganda
    • Harrison, G.W., Humphrey, S.J., Verschoor, A., 2010. Choice under uncertainty: Evidence from Ethiopia, India and Uganda. Econ. J. 120, 80–104.
    • (2010) Econ. J , vol.120 , pp. 80-104
    • Harrison, G.W.1    Humphrey, S.J.2    Verschoor, A.3
  • 26
    • 0038880247 scopus 로고
    • Preference and belief: Ambiguity and competence in choice under uncertainty
    • Heath, C., Tversky, A., 1991. Preference and belief: Ambiguity and competence in choice under uncertainty. J. Risk Uncert. 4, 5–28.
    • (1991) J. Risk Uncert , vol.4 , pp. 5-28
    • Heath, C.1    Tversky, A.2
  • 27
    • 75349090894 scopus 로고    scopus 로고
    • Structural equations modeling: Fit indices, sample size, and advanced topics
    • Iacobucci, D., 2010. Structural equations modeling: Fit indices, sample size, and advanced topics. J. Cons. Psychol. 20, 90–98.
    • (2010) J. Cons. Psychol , vol.20 , pp. 90-98
    • Iacobucci, D.1
  • 28
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman, D., Tversky, A., 1979. Prospect theory: An analysis of decision under risk. Econometrica 47, 263–292.
    • (1979) Econometrica , vol.47 , pp. 263-292
    • Kahneman, D.1    Tversky, A.2
  • 29
    • 0000456985 scopus 로고
    • Estimating the nonlinear and interactive effects of latent variables
    • Kenny, D.A., Judd, C.M., 1984. Estimating the nonlinear and interactive effects of latent variables. Psychol. Bull. 96, 201–210.
    • (1984) Psychol. Bull , vol.96 , pp. 201-210
    • Kenny, D.A.1    Judd, C.M.2
  • 30
    • 18244390005 scopus 로고    scopus 로고
    • Agricultural contracting and the scale of production
    • Key, N., 2004. Agricultural contracting and the scale of production. Rev. Agric. Res. Econ. 33, 255–271.
    • (2004) Rev. Agric. Res. Econ , vol.33 , pp. 255-271
    • Key, N.1
  • 31
    • 0037327616 scopus 로고    scopus 로고
    • Production contracts and productivity in the U.S. Hog sector
    • Key, N., McBride, W., 2003. Production contracts and productivity in the U.S. Hog sector. Am. J. Agric. Econ. 85, 121–133.
    • (2003) Am. J. Agric. Econ , vol.85 , pp. 121-133
    • Key, N.1    McBride, W.2
  • 32
    • 84874133952 scopus 로고
    • Contracting and vertical coordination in the United States pork industry
    • Kliebenstein, J.B., Lawrence, J.D., 1995. Contracting and vertical coordination in the United States pork industry. Am. J. Agric. Econ. 77, 1213–1218.
    • (1995) Am. J. Agric. Econ , vol.77 , pp. 1213-1218
    • Kliebenstein, J.B.1    Lawrence, J.D.2
  • 35
    • 0036284009 scopus 로고    scopus 로고
    • Non-parametric estimation of decision makers' risk aversion
    • Lien, G., 2002. Non-parametric estimation of decision makers' risk aversion. Agric. Econ. 27, 75–83.
    • (2002) Agric. Econ , vol.27 , pp. 75-83
    • Lien, G.1
  • 36
    • 77950800715 scopus 로고    scopus 로고
    • Prior consequences and subsequent risk taking: New field evidence from the Taiwan futures exchange
    • Liu, Y.-J., Tsai, C.-L., Wang, M.-C., Zhu, N., 2010. Prior consequences and subsequent risk taking: New field evidence from the Taiwan futures exchange. Mgmt. Sci. 56, 606–620.
    • (2010) Mgmt. Sci , vol.56 , pp. 606-620
    • Liu, Y.-J.1    Tsai, C.-L.2    Wang, M.-C.3    Zhu, N.4
  • 37
    • 0001816608 scopus 로고
    • Variable risk preferences and adaptive aspirations
    • March, J.G., 1988. Variable risk preferences and adaptive aspirations. J. Econ. Behav. Org. 9, 5–24.
    • (1988) J. Econ. Behav. Org , vol.9 , pp. 5-24
    • March, J.G.1
  • 38
    • 0000685316 scopus 로고
    • Variable risk preferences and the focus of attention
    • March, J.G., Shapira, Z., 1992. Variable risk preferences and the focus of attention. Psychol. Rev. 99, 172–183.
    • (1992) Psychol. Rev , vol.99 , pp. 172-183
    • March, J.G.1    Shapira, Z.2
  • 39
    • 85047669360 scopus 로고    scopus 로고
    • Principles and practice in reporting structural equation analyses
    • McDonald, R.P., Ho, M.-H.R., 2002. Principles and practice in reporting structural equation analyses. Psychol. Meth. 7, 64–82.
    • (2002) Psychol. Meth , vol.7 , pp. 64-82
    • McDonald, R.P.1    Ho, M.-H.R.2
  • 40
    • 0000588733 scopus 로고
    • Attitudes toward risk among peasants: An econometric approach
    • Moscardi, E., de Janvry, A., 1977. Attitudes toward risk among peasants: An econometric approach. Am. J. Agric. Econ. 59, 710–716.
    • (1977) Am. J. Agric. Econ , vol.59 , pp. 710-716
    • Moscardi, E.1    de Janvry, A.2
  • 41
    • 0038187864 scopus 로고    scopus 로고
    • Performance of bootstrapping approaches to model test statistics and parameter standard error estimation in structural equation modeling
    • Nevitt, J., Hancock, G.R., 2001. Performance of bootstrapping approaches to model test statistics and parameter standard error estimation in structural equation modeling. Struct. Equat. Model. 8, 353–377.
    • (2001) Struct. Equat. Model , vol.8 , pp. 353-377
    • Nevitt, J.1    Hancock, G.R.2
  • 42
    • 84877795073 scopus 로고    scopus 로고
    • Assessing farmers’ risk preferences and their determinants in a marginal upland area of Vietnam: A comparison of multiple elicitation techniques
    • Nielsen, T., Keil, A., Zeller, M., 2013. Assessing farmers’ risk preferences and their determinants in a marginal upland area of Vietnam: A comparison of multiple elicitation techniques. Agric. Econ. 44, 255–273.
    • (2013) Agric. Econ , vol.44 , pp. 255-273
    • Nielsen, T.1    Keil, A.2    Zeller, M.3
  • 43
    • 0035667088 scopus 로고    scopus 로고
    • Measuring producers' risk preferences: A global risk-attitude construct
    • Pennings, J.M.E., Garcia, P., 2001. Measuring producers' risk preferences: A global risk-attitude construct. Am. J. Agric. Econ. 83, 993–1009.
    • (2001) Am. J. Agric. Econ , vol.83 , pp. 993-1009
    • Pennings, J.M.E.1    Garcia, P.2
  • 44
    • 0033672085 scopus 로고    scopus 로고
    • The role of farmer's behavioral attitudes and heterogeneity in futures contracts usage
    • Pennings, J.M.E., Leuthold, R.M., 2000. The role of farmer's behavioral attitudes and heterogeneity in futures contracts usage. Am. J. Agric. Econ. 82, 908–919.
    • (2000) Am. J. Agric. Econ , vol.82 , pp. 908-919
    • Pennings, J.M.E.1    Leuthold, R.M.2
  • 45
    • 0034294370 scopus 로고    scopus 로고
    • Assessing the construct validity of risk attitude
    • Pennings, J.M.E., Smidts, A., 2000. Assessing the construct validity of risk attitude. Mgmt. Sci. 46, 1337–1348.
    • (2000) Mgmt. Sci , vol.46 , pp. 1337-1348
    • Pennings, J.M.E.1    Smidts, A.2
  • 46
    • 15744373531 scopus 로고    scopus 로고
    • Channel contract behavior: The role of risk attitudes, risk perceptions, and channel members’ market structures
    • Pennings, J.M.E., Wansink, B., 2004. Channel contract behavior: The role of risk attitudes, risk perceptions, and channel members’ market structures. J. Bus. 77, 697–723.
    • (2004) J. Bus , vol.77 , pp. 697-723
    • Pennings, J.M.E.1    Wansink, B.2
  • 47
    • 0036123350 scopus 로고    scopus 로고
    • A note on modeling consumer reactions to a crisis: The case of the mad cow disease
    • Pennings, J.M.E., Wansink, B., Meulenberg, M.T.G., 2002. A note on modeling consumer reactions to a crisis: The case of the mad cow disease. Int. J. Res. Market. 19, 91–100.
    • (2002) Int. J. Res. Market , vol.19 , pp. 91-100
    • Pennings, J.M.E.1    Wansink, B.2    Meulenberg, M.T.G.3
  • 48
    • 79958862648 scopus 로고    scopus 로고
    • Production risk, risk aversion and the determination of risk attitudes among Spanish rice producers
    • Picazo-Tadeo, A.J., Wall, A., 2011. Production risk, risk aversion and the determination of risk attitudes among Spanish rice producers. Agric. Econ. 42, 451–464.
    • (2011) Agric. Econ , vol.42 , pp. 451-464
    • Picazo-Tadeo, A.J.1    Wall, A.2
  • 49
    • 85108018707 scopus 로고
    • A parsimonious estimating technique for interaction and quadratic latent variables
    • Ping, R.A., Jr., 1995. A parsimonious estimating technique for interaction and quadratic latent variables. J. Market. Res. 32, 336–347.
    • (1995) J. Market. Res , vol.32 , pp. 336-347
    • Ping, R.A.1
  • 50
    • 0031280680 scopus 로고    scopus 로고
    • Gender differences in risk behaviour in financial decision-making: An experimental analysis
    • Powell, M., Ansic, D., 1997. Gender differences in risk behaviour in financial decision-making: An experimental analysis. J. Econ. Psychol. 18, 605–628.
    • (1997) J. Econ. Psychol , vol.18 , pp. 605-628
    • Powell, M.1    Ansic, D.2
  • 51
    • 84904631854 scopus 로고    scopus 로고
    • The role of rural producer organizations for agricultural service provision in fragile states
    • Ragasa, C., Golan, J., 2014. The role of rural producer organizations for agricultural service provision in fragile states. Agric. Econ. 45, 537–553.
    • (2014) Agric. Econ , vol.45 , pp. 537-553
    • Ragasa, C.1    Golan, J.2
  • 52
    • 50649117142 scopus 로고    scopus 로고
    • Differential uncertainties and risk attitudes between conventional and organic producers: The case of Spanish arable crop farmers
    • Serra, T., Zilberman, D., Gil, J.M., 2008. Differential uncertainties and risk attitudes between conventional and organic producers: The case of Spanish arable crop farmers. Agric. Econ. 39, 219–229.
    • (2008) Agric. Econ , vol.39 , pp. 219-229
    • Serra, T.1    Zilberman, D.2    Gil, J.M.3
  • 53
    • 84906872045 scopus 로고    scopus 로고
    • Using structural equation modeling to assess functional connectivity in the brain power and sample size considerations
    • Sideridis, G., Simos, P., Papanicolaou, A., Fletcher, J., 2014. Using structural equation modeling to assess functional connectivity in the brain power and sample size considerations. Ed. Psychol. Measure. 74, 733–758.
    • (2014) Ed. Psychol. Measure , vol.74 , pp. 733-758
    • Sideridis, G.1    Simos, P.2    Papanicolaou, A.3    Fletcher, J.4
  • 54
    • 0002180672 scopus 로고
    • Reconceptualizing the determinants of risk behavior
    • Sitkin, S.B., Pablo, A.L., 1992. Reconceptualizing the determinants of risk behavior. Acad. Mgmt. Rev. 17, 9–38.
    • (1992) Acad. Mgmt. Rev , vol.17 , pp. 9-38
    • Sitkin, S.B.1    Pablo, A.L.2
  • 55
    • 0036209558 scopus 로고    scopus 로고
    • Determinants of risk taking in a dynamic uncertain context
    • Slattery, J.P., Ganster, D.C., 2002. Determinants of risk taking in a dynamic uncertain context. J. Mgmt. 28, 89–106.
    • (2002) J. Mgmt , vol.28 , pp. 89-106
    • Slattery, J.P.1    Ganster, D.C.2
  • 57
    • 84959829982 scopus 로고
    • Incentives and risk sharing in sharecropping
    • Stiglitz, J.E., 1974. Incentives and risk sharing in sharecropping. Rev. Econ. Stud. 41, 219–255.
    • (1974) Rev. Econ. Stud , vol.41 , pp. 219-255
    • Stiglitz, J.E.1
  • 59
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • Tufano, P., 1996. Who manages risk? An empirical examination of risk management practices in the gold mining industry. J. Fin. 1097–1137.
    • (1996) J. Fin , pp. 1097-1137
    • Tufano, P.1
  • 61
    • 33846419779 scopus 로고    scopus 로고
    • Consumers’ appreciation of regional certification labels: A Pan-European study
    • Van Ittersum, K., Meulenberg, M.T., Van Trijp, H., Candel, M.J., 2007. Consumers’ appreciation of regional certification labels: A Pan-European study. J. Agric. Econ. 58, 1–23.
    • (2007) J. Agric. Econ , vol.58 , pp. 1-23
    • Van Ittersum, K.1    Meulenberg, M.T.2    Van Trijp, H.3    Candel, M.J.4
  • 62
    • 0008254277 scopus 로고
    • An empirical test of the interval approach for estimating risk preferences
    • Wilson, P.N., Eidman, V.R., 1983. An empirical test of the interval approach for estimating risk preferences. J. Agric. Res. Econ. 8, 170–182.
    • (1983) J. Agric. Res. Econ , vol.8 , pp. 170-182
    • Wilson, P.N.1    Eidman, V.R.2
  • 63
    • 84886428907 scopus 로고    scopus 로고
    • Sample size requirements for structural equation models an evaluation of power, bias, and solution propriety
    • Wolf, E.J., Harrington, K.M., Clark, S.L., Miller, M.W., 2013. Sample size requirements for structural equation models an evaluation of power, bias, and solution propriety. Ed. Psychol. Measure. 73, 913–934.
    • (2013) Ed. Psychol. Measure , vol.73 , pp. 913-934
    • Wolf, E.J.1    Harrington, K.M.2    Clark, S.L.3    Miller, M.W.4
  • 64
    • 84930384819 scopus 로고    scopus 로고
    • Social capital, risk preference and adoption of improved farm land management practices in Ethiopia
    • Wossen, T., Berger, T., Di Falco, S., 2015. Social capital, risk preference and adoption of improved farm land management practices in Ethiopia. Agric. Econ. 46, 81–97.
    • (2015) Agric. Econ , vol.46 , pp. 81-97
    • Wossen, T.1    Berger, T.2    Di Falco, S.3
  • 65
    • 46749127880 scopus 로고    scopus 로고
    • The role of farmers' risk aversion for contract choice in the US hog industry
    • Zheng, X., Vukina, T., Shin, C., 2008. The role of farmers' risk aversion for contract choice in the US hog industry. J. Agric. Food Ind. Org. 6, 1–20.
    • (2008) J. Agric. Food Ind. Org , vol.6 , pp. 1-20
    • Zheng, X.1    Vukina, T.2    Shin, C.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.