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European Review of Agricultural Economics Advance Access originally published online on December 21, 2006
European Review of Agricultural Economics 2006 33(4):485-510; doi:10.1093/erae/jbl029
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© Oxford University Press and Foundation for the European Review of Agricultural Economics 2006; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org

Comparing risk attitudes of organic and non-organic farmers with a Bayesian random coefficient model

Cornelis Gardebroek

Agricultural Economics and Rural Policy Group, Wageningen University, The Netherlands

C. Gardebroek, Department of Social Sciences, Agricultural Economics and Rural Policy Group, Wageningen University, Hollandseweg 1, 6706 KN Wageningen, The Netherlands. E-mail: koos.gardebroek{at}wur.nl

Received June 2004; Revision received October 2006. Organic farming is usually considered to be more risky than conventional farming, but the risk aversion of organic farmers compared with that of conventional farmers has not been studied. Using a non-structural approach to risk estimation, a Bayesian random coefficient model is used to obtain individual Arrow–Pratt coefficients of absolute risk aversion for a sample of Dutch organic and non-organic arable farmers. The model is estimated using Gibbs sampling. The results indicate that organic farmers are significantly less risk averse than their non-organic colleagues.

Keywords: risk aversion, Bayesian random coefficient model, Gibbs sampling, organic farming

JEL classification: C23, D89, Q12


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