Analysis of Beef Producers' Risk Management Perceptions and Desire for Further Risk Management Education

Hall, David C.; Knight, Thomas O.; Coble, Keith H.; Baquet, Alan E.; Patrick, George F.

doi:10.1111/1467-9353.00148

Cited by 61 publications

(59 citation statements)

References 13 publications

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“…(References: Foran and Stafford Smith 1991, Scoones 1995, Hall et al 2003, Ash and Stafford Smith 2003, Bastian et al 2006, Stokes et al 2006, McAllister et al 2009, Ritten et al 2010, Torell et al 2010, Coppock 2011 v www.esajournals.org ciation (WSGA), the largest ranching organization in Wyoming. Producer members are growers of livestock.…”

Section: Drought Management Strategies: How Do Ranches Manage For Dromentioning

confidence: 99%

Increasing flexibility in rangeland management during drought

Kachergis¹,

Derner²,

Cutts³

et al. 2014

Ecosphere

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Abstract. Extreme droughts like the recent 2011-2013 drought impacting the central and western UnitedStates present a challenge to sustaining livestock ranching operations and the ecosystem goods and services they produce. Wyoming ranchers manage half of this drought-prone state and are at the forefront of this challenge. We examined Wyoming ranchers' drought management strategies and how ranch characteristics affect drought management flexibility, a key component of resilience, through a mail survey. We find that many survey respondents manage drought in similar ways, by selling livestock and buying feed, highlighting the market risks associated with drought. Ranches that are larger, include yearling livestock, use shorter grazing periods, and/or incorporate alternative on-ranch activities (e.g., hunting) use more drought management practices and thus have greater flexibility. Larger ranches experience fewer drought impacts, highlighting advantages of a larger resource base. Our findings suggest three components of national drought policy that encourages flexibility and thus increases resilience of ranches to drought: (1) encouraging forage-sharing mechanisms; (2) promoting income diversification that is independent of climatic variability; and (3) facilitating a shift to diversified livestock production systems. These measures could increase sustainability of ranching livelihoods and provision of ecosystem services despite predicted increases in intensity and duration of future droughts.

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Section: Drought Management Strategies: How Do Ranches Manage For Dromentioning

confidence: 99%

Increasing flexibility in rangeland management during drought

Kachergis¹,

Derner²,

Cutts³

et al. 2014

Ecosphere

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“…In recent studies of livestock farmers in other countries the same strategies were also perceived as most important (Meuwissen et al, 2001;Hall et al, 2003), even though national risk environments are quite different. 1 to 7 are consultancy, disease prevention, flexibility, insurance, diversification, financial and fixed cost sharing.…”

Section: Perceptions Of Risk Management Strategiesmentioning

confidence: 99%

“…Time-intensive dairy farming does not lend itself to off-farm work strategies, but 43% of the respondents perceived off-farm work as an important strategy (a score of 5 or higher). The low mean score assigned to price contracts may be because of the extensive use of cooperative marketing among Norwegian farmers and the Norwegian agricultural policy system, but livestock farmers in more deregulated countries have also ranked derivative instruments low (Martin, 1996;Meuwissen et al, 2001;Hall et al, 2003).…”

Section: Perceptions Of Risk Management Strategiesmentioning

confidence: 99%

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Comparing risk perceptions and risk management in organic and conventional dairy farming: empirical results from Norway

Flåten¹,

Lien²,

Koesling

et al. 2005

Livestock Production Science

190

167

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This study was conducted to explore organic and conventional dairy farmers' perceptions of risk and risk management, and to examine relationships between farm and farmer characteristics, risk perceptions, and strategies. The data originate from a survey of conventional (n = 363) and organic (n = 162) dairy farmers in Norway. Organic farmers had the least risk averse perceptions. Institutional and production risks were perceived as primary sources of risk, with farm support payments at the top. Compared to their conventional colleagues, organic farmers gave more weight to institutional factors related to their production systems. Conventional farmers were more concerned about costs of purchased inputs and animal welfare policy. Organic and conventional farmers' management responses were more similar than their risk perceptions. Financial measures such as liquidity and costs of production, disease prevention, and insurance were perceived as important ways to handle risk. Even though perceptions were highly farmer-specific, a number of socio-economic variables were found to be related to risk and risk management. The primary role of institutional risks implies that policy makers should be cautious about changing policy capriciously and they should consider the scope for strategic policy initiatives that give farmers some greater confidence about the longer term. Further, researchers should pay more attention to institutional risks.

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“…Their management responses were very consistent with these perceptions, for instance, with dairy farmers engaging in the forward contracting arrangements for feed. In the recent times, risk perceptions and the adoption of risk management strategies has been investigated in the U.S. by, among others, Patrick (1984), Patrick and Musser (1997;, Coble et al (1999), Mickelsen and Trede (2001), Musser and Patrick (2002) and Hall et al (2003) and Harwood et al (1999) summarized the results of a number of nation-wide surveys on the risk perception and risk management in the U.S, most of which were unpublished. McCarthy and Thompson (2007) report the results of an Australian survey on the risk perception, risk attitudes and risk behaviour.…”

mentioning

confidence: 99%

Risk perception, attitudes towards risk and risk management: evidence and implications

Wauters¹,

Winsen

Mey³

et al. 2014

AGR ECON-CZECH

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Abstract:Th e comprehensive risk analysis of a business such as farming entails questions on what is at stake, how important is the risk concern and how to deal with it. We performed a sequential mixed method, with the in-depth interviews in the fi rst stage (n = 35), followed by a survey on the Flemish FADN (n = 614) in the second, to investigate the farmers' risk perception, the attitudes towards risk and the perceived usefulness of the risk management strategies. We fi nd that, rather than the short-term volatility in prices, the longer term co-evolution of expenses versus receipts is of a major concern to farmers, next to the land availability and the policy risks. Farmers are shown to be only slightly risk averse, rather risk neutral even. Further, our results suggest that farmers do not consider extensively studied risk management strategies such as contracts, futures and insurances, a valid option for their farm, and put more faith in internal strategies such as the debt management, the liquidity management and diversifi cation. Last, risk management is to a substantial degree performed at the household level, rather than at the farm level, with strategies such as cutting the private expenses and the off -farm employment. Th ese results hardly diff er according to the farm and farmer characteristics.

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Analysis of Beef Producers' Risk Management Perceptions and Desire for Further Risk Management Education

Cited by 61 publications

References 13 publications

Increasing flexibility in rangeland management during drought

Increasing flexibility in rangeland management during drought

Comparing risk perceptions and risk management in organic and conventional dairy farming: empirical results from Norway

Risk perception, attitudes towards risk and risk management: evidence and implications

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