期刊
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
卷 83, 期 4, 页码 993-1009出版社
WILEY
DOI: 10.1111/0002-9092.00225
关键词
expected utility; futures usage; global risk-attitude construct; multi-item scale; second-order factor analysis; validity
In applied agricultural economic research various risk-attitude elicitation techniques are used. Here, we investigate whether risk-attitude measures rooted in the expected utility framework are related to measures rooted in the multi-item scale framework. Using a second-order factor analytical model, and data obtained from personal computer-guided interviews with 373 farmers, we investigate whether the common variance among the (latent) risk-attitude measures can be accounted for by a global risk-attitude construct. We find that them different risk-attitude measures are related, and that the global risk-attitude construct is significantly related to farmers' intention to use futures contracts. Our research suggests that farmers' risk attitude is a higher-order characteristic that cannot be effectively extracted by a single measure.
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