Producer perceptions of their use of time and various areas of risk in their business
Abstract
Agribusinesses rely on producers choosing their products and services for the success of their business. Agribusinesses can use information regarding how producers rate the importance of certain areas of risk and what takes most of the producers' time to offer specific services to different segments of producers to better meet their needs. An ordered logit model and a multinomial logit model are used to determine factors significant to producers' use of time and importance of various areas of risk. The producers are then segmented into groups based on their risk perceptions. From this research, agribusinesses can recognize that different types of producers will view risks as more important and will spend most of their time differently. It is important to recognize these differences between producers and have conversations with producers about making their operation more efficient or about risks that are important to them. Relating to producers will allow agribusinesses to get their attention and potentially allow them to win their business. Agribusinesses should also offer multiple products that would meet the needs of the different segments of producers.
Degree
M.S.
Advisors
Yeager, Purdue University.
Subject Area
Agricultural economics
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