Stability of risk attitude, agricultural policies and production shocks: evidence from Italy | Zendy

Martina Bozzola | Zendy; Robert Finger | Zendy

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Stability of risk attitude, agricultural policies and production shocks: evidence from Italy

Author(s) -

Martina Bozzola,

Robert Finger

Publication year - 2020

Publication title -

european review of agricultural economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.4

H-Index - 60

eISSN - 1464-3618

pISSN - 0165-1587

DOI - 10.1093/erae/jbaa021

Subject(s) - shock (circulatory) , agriculture , production (economics) , common agricultural policy , european union , economics , agricultural productivity , panel data , preference , agricultural economics , eu countries , economic policy , macroeconomics , econometrics , geography , microeconomics , medicine , archaeology

This article investigates the stability of farmers’ risk attitude over time. To this end, we estimate responses to changes in agricultural policies and production shocks. We use a unique panel data of over 36,000 Italian farms specialised in cereals, during the period 1989–2009. We find evidence of risk preference changes over time in response to changes in the European Union Common Agricultural Policy and possibly after a drought-induced production shock. JEL classification: D1, Q12, Q18

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