Do Different Approaches to Measurement of Risk Behaviour Yield Different Results?

Abstract

Risk and uncertainty play an important role in the adoption of new technology, new crop, and new management practices. However, direct information about attitudes towards risk is seldom available; hence has remained one of the unexplored aspects of technology adoption behaviour. Also, because of differences in measurement methods often there are conflicting views on the issues related to risk preferences. This paper has investigated the inconsistency in measurement of risk preference through subjective question and through risk game with real incentives using responses of 426 jatropha-growing farmers in the states of Assam and Arunachal Pradesh. These approaches to measurement of risk preferences have yielded different results in terms of magnitude, direction, and significance.

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