Findings from Jiangsu University Has Provided New Data on Risk Management (Catastrophic Risk Perceptions and Attitudes In Aquaculture: Evidence From Flood Prone Areas of Bangladesh): Risk Management

2024 FEB 15 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Investigators publish new report on Risk Management. According to news reporting out of Zhenjiang, People’s Republic of China, by NewsRx editors, research stated, “Aquaculture is still an emerging industry that is highly dependent on the environment and more unstable than other conventional agricultural operations. Diverse environmental and production hazards must be managed by aquaculture farmers for sustainability.”

Financial support for this research came from Sylhet Agricultural University Research System (SAURES).

Our news journalists obtained a quote from the research from Jiangsu University, “Farmers’ decisions on farm operations and risk management are significantly influenced by their risk attitudes and perceptions of risk. However, few empirical studies on risk management have been done, but literature on aquaculture is scarce. In light of this knowledge vacuum, the current study investigated how farmers perceive catastrophic risk and their attitudes toward various sources. The information was gathered using a stratified random sample method, with 300 aquaculture farmers interviewed from two major flood-prone regions in Bangladesh. A cubic utility function and the Equally Likely Certainty Equivalent (ELCE) approach were used to quantify farmers’ risk aversion. The risk matrix technique was used to assess farmers’ perceptions of risk. The effects of socioeconomic factors on farmers’ risk attitudes were examined using a Logit model. Floods, strong rains, and pest and diseases all posed potential productivity hazards and most farmers were risk averse in nature. Age, educational position, income, and land proprietorship were the most important predictors of risk attitude, while social and agricultural characteristics had little influence on farmers’ risk perceptions.”

According to the news editors, the research concluded: “The study’s findings will eventually allow policymakers to forecast the suitable risk management measures for the aquaculture farmers in Bangladesh.”

This research has been peer-reviewed.

For more information on this research see: Catastrophic Risk Perceptions and Attitudes In Aquaculture: Evidence From Flood Prone Areas of Bangladesh. International Journal of Disaster Risk Reduction, 2024;100. International Journal of Disaster Risk Reduction can be contacted at: Elsevier, Radarweg 29, 1043 Nx Amsterdam, Netherlands. (Elsevier - www.elsevier.com; International Journal of Disaster Risk Reduction - http://www.journals.elsevier.com/international-journal-of-disaster-risk-reduction/)

Our news journalists report that additional information may be obtained by contacting Xicang Zhao, Jiangsu University, Sch Finance & Econ, Zhenjiang 212013, People’s Republic of China. Additional authors for this research include K. M. Mehedi Adnan, Swati Anindita Sarker, Airin Rahman and Md Akhtaruzzaman Khan.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.ijdrr.2023.104203. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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