Analysis of Beef Producers' Risk Management Perceptions and Desire for Further Risk Management Education |
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| Authors: | David C Hall Thomas O Knight Keith H Coble Alan E Baquet George F Patrick |
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| Institution: | David C. Hall is an animal health economist with the International Livestock Research Institute in Nairobi, Kenya.;Thomas O. Knight is a professor in the Department of Agricultural Economics at Texas Tech University.;Keith H. Coble is an associate professor in the Department of Agricultural Economics at Mississippi State University.;Alan E. Baquet is associate vice chancellor for the Institute of Agriculture and Natural Resources at the University of Nebraska, Lincoln.;George F. Patrick is a professor in the Department of Agricultural Economics at Purdue University. |
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| Abstract: | Beef cattle producers were surveyed in Texas and Nebraska to investigate perceptions of sources of risk, the effectiveness of risk management strategies, and interest in further risk management education, particularly production risk, using probit analysis. Important decision variables identified are age, prior use of risk management tools, previous attendances of risk management education, and risk aversion. Severe drought and cattle price variability are identified as primary risk factors with potential to affect farm income. Extremely cold weather and disease are of less importance. Understocking pasture and storing hay are perceived most effective as risk management options. |
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