ELICITATION OF RISK PREFERENCES FOR IRRIGATION FARMERS IN THE WINTERTON AREA: WEALTH RISK VERSUS ANNUAL INCOME RISK / Meting van die risiko-voorkeure van besproeiingsboere in die Wintertongebied: Inkomste- versus welvaartrkiko

Abstract

The purpose of this article is to measure the absolute risk aversion coefficients (RACs) of irrigation fanners in the Winterton area if annual income and wealth are at stake. Decision makers became more risk averse when wealth instead of annual income is at stake. RACs measured at low, medium and high annual income and wealth levels, showed no change when annual income or wealth levels increased. The majority of irrigation farmers have risk neutral annual income and wealth risk preferences.

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