Title: Risk and risk management in agriculture: an overview and empirical results

Authors: Ruud B.M. Huirne, Miranda P.M. Meuwissen, J. Brian Hardaker, Jock R. Anderson

Addresses: Department of Economics and Management, Wageningen Agricultural University, Hollandseweg 1, NL-6706 KN Wageningen, The Netherlands. Department of Economics and Management, Wageningen Agricultural University, Hollandseweg 1, NL-6706 KN Wageningen, The Netherlands. Department of Agricultural and Resource Economics, University of New England, Armidale, Australia. World Bank, Washington DC, USA

Abstract: The paper gives an overview of sources of risk and risk management strategies in agriculture. As risk is an inescapable fact of life, in particular in agriculture, farmers must try to manage risk effectively. Risk management is an integral part of good management of a farm, being a way to avoid losses and exploit opportunities. Results of a field survey with 731 Dutch livestock farmers are presented which indicate that contagious animal diseases and the death of the farm operator are the major sources of risk for livestock farmers. Furthermore, producing at the lowest costs and buying insurance are the most important risk management strategies.

Keywords: risk; risk management; economics; agriculture; field survey.

DOI: 10.1504/IJRAM.2000.001491

International Journal of Risk Assessment and Management, 2000 Vol.1 No.1/2, pp.125-136

Published online: 04 Jul 2003 *

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