Journal
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
Volume 82, Issue 4, Pages 908-919Publisher
WILEY
DOI: 10.1111/0002-9092.00090
Keywords
covariance structure model; measurement error; segments futures usage
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The relationship between farmers' behavioral attitudes and use of futures contracts is examined, taking into account non-directly observable variables and the heterogeneity of farmers. The relationships are tested on a stratified data sample of 440 farmers Cluster analysis and covariance structure equation models are used to validate the relationships. Farmers are found not to be homogenous regarding the factors influencing their use of futures. Heterogeneity at the segment level masked important effects at the aggregate level, notably risk attitude. Furthermore, several psychological constructs far farmers related to market orientation. risk exposure, market performance and entrepreneurial behavior play important roles in their use of futures contracts.
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