New Risk Management Findings from University of Zagreb Faculty of Agriculture Published (Application of Discrete Choice Experiment in Agricultural Risk Management: A Review): Risk Management

2022 SEP 28 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A new study on risk management is now available. According to news reporting originating from Zagreb, Croatia, by NewsRx correspondents, research stated, “The study of human behaviour has been cementing its place within economics for decades. The complexity of decisions in family farming, challenging agricultural markets, and climate change have drawn attention to human behaviour, namely risk perceptions and the decision-making process, with a focus on agricultural economics.”

Our news editors obtained a quote from the research from University of Zagreb Faculty of Agriculture: “This paper reviews current knowledge on risk management in agriculture from the behavioral perspective, and from the perspective experimental economics in particular, emphasizing a discrete choice experiment approach. A discrete choice experiment (DCE) elicits stated preferences through hypothetical choices and have been extensively applied in research on risk preferences and farmers’ willingness to apply different risk management strategies. The objective of this paper was to determine the frequency at which papers are published and their use in discrete choice experiments in general and in agriculture and emphasizes risk management in agriculture using bibliometric analysis. The PRISMA framework was used for a systematic literature review of the agricultural risk management publications that apply a DCE. The main steps to achieve the aforementioned goals are to define how many publications are primary research versus theoretical publications in the research area of agricultural risk management, which part of risk management in agriculture it covers, and how many attributes were used in each study. The authors reviewed 20 papers based on the following keyword criteria: discrete choice experiment, agriculture, risk management, and the period 2001-2021, using the Web of Science database. The results show an increase in DCE publications over the past 20 years. A comprehensive literature review of risk management in agriculture concluded that publications are primarily research focused, mainly consider on-farm strategies and smaller-scale risk-transfer strategies, and are predominantly conducted among farmers.”

According to the news editors, the research concluded: “The average number of attributes per publication is four to five. Limitations and directions for future research are discussed in the paper.”

For more information on this research see: Application of Discrete Choice Experiment in Agricultural Risk Management: A Review. Sustainability, 2022,14(10609):10609. (Sustainability - http://www.mdpi.com/journal/sustainability). The publisher for Sustainability is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/su141710609.

Our news journalists report that additional information may be obtained by contacting Tajana Cop, Department of Management and Rural Entrepreneurship, University of Zagreb Faculty of Agriculture, Svetosimunska 25, 10 000 Zagreb, Croatia. Additional authors for this research include Mario Njavro.

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