Factors Influencing Rice Farmers’ Risk Attitudes and Perceptions in Bangladesh amid Environmental and Climatic Issues

Abstract

Rice farmers in Bangladesh face various environmental, climatic and market price-related risks. Choices of various operational tactics used for farm management are mostly influenced by farmers' risk perception and attitude. This study intends to discover the influencing factors of a farmer on the risk associated with environmental and climatic issues. This study quantifies the risk perceptions of rice farmers, their perceived behavior, and various associated underlying factors using a crosssectional dataset on 600 rice farmers from three major rice-growing districts in Bangladesh. Equally, Likely Certainty Equivalent approach has been used to rank the farmers' perceptions of three major risk dimensions such as the risk of market price fluctuation, the risk from various natural hazards, and risk of pest and disease. Probit regression is also used to discern the underlying factors affecting risk attitudes and perceptions. The results show that farmers' age, total family income, distance from the farm gate to the main market, savings, agricultural credit, off-farm income, access to information, and frequent contact with extension officers are significant determinants that affect farmers' risk attitudes and perceptions. This study provides in-depth insights for farmers, extension service providers, and agricultural planners on the real situation of farmers in developing countries, particularly those where crop insurance is still uncommon.

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