Articlegreen2011

Risk Attitude & the Structure of Decision Making: Evidence from the Hog Industry

Jason R.V. Franken · J.M.E. Pennings · Philip Garcia

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Decision-Making and Behavioral Economics Agricultural risk and resilience Leadership, Behavior, and Decision-Making Studies

Abstract

We investigate the importance of an appropriate representation of behavior, risk attitude, and related characteristics for owner-managers making marketing decisions. We assess whether managerial/firm characteristics directly affect the decisions or if their influence occurs indirectly through impacts on risk aversion. The findings, which support an indirect effect, indicate that failure to represent the relationship between risk aversion, other characteristics, and behavior appropriately can mask the effect of risk aversion. A more complete understanding of the structure of decision making may assist economists and policymakers in designing and targeting mechanisms to transfer risk.

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