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| Registros recuperados: 45 | |
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| Kalogeras, Nikos; Pennings, Joost M.E.; Garcia, Philip. |
| The strategic choices of Small and Medium Enterprises in the agribusiness sector are fraught with large cost and revenue uncertainties. The transition to a new production system implies that SMEs must re-allocate resources and develop new strategies to achieve market goals. We highlight the agricultural, marketing and management literature on decision-making under risk for strategic decisions. Subsequently we discuss the various elicitation techniques to measure decision-makers' utility functions. That review indicates that one is able to measure the global utility function in a reliable and valid way. Particularly the measures based on experiments and rooted in expected utility framework seem to perform well. Furthermore, we develop various research... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2006 |
URL: http://purl.umn.edu/21354 |
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| Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip. |
| Researchers employ various measures of risk attitudes to investigate their relation to market behavior with mixed results. We find that a higher-order global risk attitude construct, developed using survey scales and experiments based on expected utility theory, is related to several marketing alternatives, but does not exhibit substantially greater explanatory power than underlying measures. With few exceptions, scales yield greater significance of risk attitudes for these choices, but experimental measures reveal other insights, e.g., differential attitudes in gain and loss domains. Given recent concerns with experimental measures in the literature, we suggest studies include scales as a low cost supplemental measure. |
| Tipo: Presentation |
Palavras-chave: Risk behavior; Risk attitude; Futures and options; Forward contracts; Marketing contracts; Marketing; Risk and Uncertainty. |
| Ano: 2012 |
URL: http://purl.umn.edu/124471 |
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| Pennings, Joost M.E.; Garcia, Philip. |
| The validity of the utility concept, particularly in an expected utility framework, has been questioned because of its inability to predict revealed behavior. In this paper we focus on the global shape of the utility function instead of the local shape of the utility function. We examine the extent of heterogeneity in the global shape of the utility function of decision makers and test whether its shape predicts strategic risk management behavior. We assess the utility functions and relate them to strategic decisions for portfolio managers (N = 104) and hog farmers (N = 239). The research design allows us to examine the robustness of our results and the extent to which the results can be generalized. Furthermore, we assess the shape of the utility... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20388 |
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| Kuiper, W. Erno; Kuwornu, John K.M.; Pennings, Joost M.E.. |
| We apply the classic agency model to investigate risk shifting in an agricultural marketing channel, using time series analysis. We show that if the principal is risk-neutral and the agent is risk-averse instead of risk-neutral, then a linear contract can still be optimal if the fixed payment is negative. Empirical results for the Dutch potato marketing channel indicate that while fixed payments to farmers (agents) have decreased over time, even to negative levels, the incentive intensity has approximately doubled, and the risk premium the farmers ask for has remained considerable. These results imply that risk has shifted from wholesalers, processors, and retailers to farmers; we argue that this shift could be the consequence of chain reversal, i.e., the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing; Risk and Uncertainty. |
| Ano: 2003 |
URL: http://purl.umn.edu/22046 |
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| Isengildina, Olga; Pennings, Joost M.E.; Irwin, Scott H.; Good, Darrel L.. |
| This study sought to examine the nature of farmers’ use of market advisory services based on the results of a survey of US crop producers. The survey revealed that market advisory service users tend to be significantly more risk seeking than non-users. Survey results indicated a large range in patterns of use of advisory services. Most farmers use advisory services to the greatest extent for marketing information, market analysis, and to keep up with markets. General guidelines (market strategies and price information) are utilized more than specific advice (e.g., specific pricing decisions, price forecasts). Only 11% of farmers reported that they closely follow the marketing recommendations provided by advisory services. Nonetheless, farmers report that... |
| Tipo: Report |
Palavras-chave: Agricultural Finance. |
| Ano: 2004 |
URL: http://purl.umn.edu/37489 |
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| Egelkraut, Thorsten M.; Sherrick, Bruce J.; Garcia, Philip; Pennings, Joost M.E.. |
| Using survey responses of Illinois corn farmers to differently framed yield questions, we examine their subjective information by relating stated yields and risk to the corresponding objective county measures. The results show that farm-level yields can be best characterized by soliciting probabilistic information, which provides more accurate yield assessments than an open-ended frame and consistent estimates of producers subjective risk. Moreover, we find that overconfidence can be confused with differences in relevant information and that using recent data may be more appropriate in examining subjective risk statements. Our results are important for agricultural policy-makers and researchers, particularly those who work with surveys that include... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries. |
| Ano: 2006 |
URL: http://purl.umn.edu/18991 |
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| Pennings, Joost M.E.; van Ittersum, Koert. |
| We present a conceptual framework for policy makers to analyze consumer behavior in times of crisis. The framework provides policy makers and the agricultural industry with a tool to structure the discussion on how to communicate crises to consumers and serves as a basis for concrete marketing policy. The merits of this conceptualization are illustrated in a field study that examines the reactions of German, Dutch, and American consumers to the BSE (Mad Cow Disease) crisis. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20163 |
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| Pennings, Joost M.E.; Good, Darrel L.; Irwin, Scott H.; Gomez, Jennifer K.. |
| The purpose of this report is to provide a preliminary summary of the results of a survey designed to help answer the questions about subscriber use of market advisory services. Importantly, this research is a cooperative partnership between the University of Illinois and the Data Transmission Network. The survey participants are commercial producers of major grain, oilseed and fiber crops, representing important agricultural areas of the US. The survey has three broad objectives, including 1) how US producers perceive the riskiness of various aspects of farming; 2) how US producers manage farm business risk, and 3) how US producers select and use market advisory services. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Marketing; Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/14772 |
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| Egelkraut, Thorsten M.; Garcia, Philip; Pennings, Joost M.E.; Sherrick, Bruce J.. |
| Using survey data from 258 Illinois corn farmers, we investigate the relationship between subjective and objective yield measures and their effect on the use of crop insurance. Our findings show that producers view themselves as better than average with respect to yields and in terms of their variability, and that over- and underconfidence also influence their use of crop insurance. The effects are not symmetric, overconfidence is primarily reflected in the larger-than-average yield, while underconfidence emerges mainly in the larger-than-average variability. Crop insurance use is further affected by risk preferences and county yield variability. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21369 |
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| Pennings, Joost M.E.; Isengildina, Olga; Irwin, Scott H.; Good, Darrel L.. |
| To date, there is only fragmented and anecdotal information about the impact of the recommendations of market advisory services (MAS) on producers' decision-making. A conceptual framework is developed in which, among others, producers' risk attitudes and risk perceptions; producers' perceptions about MAS performance and delivery; and match between the MAS and the producers' marketing philosophy are hypothesized to influence the impact of MAS on producers' marketing decisions. Data from 656 U.S. producers were used and the impact of MAS on producers' marketing decisions was tested using an ordered probit model. The empirical results reveal that not only the perceived MAS performance, but also the way in which MAS recommendations are delivered, and the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2004 |
URL: http://purl.umn.edu/20389 |
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| Franken, Jason R.V.; Pennings, Joost M.E.. |
| We propose a conceptual model that integrates transaction cost and risk behavior theories in an interdependence framework. Hypotheses are offered that relate the concepts that are central to the proposed model to the three dimensions of channel structures: the allocations of uncertainty, decision rights, and gains. An empirical research design is proposed to test the validity of the conceptual model within the context of the broiler and grain industries. The conceptual model will be validated in a structural equation modeling framework. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19414 |
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| Kalogeras, Nikos; van der Lans, Ivo A.C.M.; Pennings, Joost M.E.; van Dijk, Gert. |
| As market conditions change rapidly in the 21st century, questions arise concerning how the organizational structures of co-operatives (co-ops) can meet the challenges that these new conditions pose. This paper introduces a framework to structure marketing co-ops (MCs) based on members' preferences. Several notions from the behavioral decision theory framework are utilized, and a principal-agent approach is adopted for the design of this framework. It focuses on the subjective utility that co-op members derive from levels of the MCs' firm-behavioral attributes, such as business issue/scope, corporate governance, product-related decision-making, financial structure, member benefits, and product quality. Data was collected by means of in-depth interviews... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2004 |
URL: http://purl.umn.edu/20292 |
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| Mattos, Fabio; Garcia, Philip; Pennings, Joost M.E.. |
| The objective of this study is to investigate how professional traders in futures and options markets behave under risk and uncertainty. Our preliminary findings suggest that most traders exhibit concave utility functions for gains and convex utility functions for losses, while their weighting functions are inverse s-shaped. However, differences in magnitude of the risk aversion parameters and the degree of probability weighting can lead to distinct behavior even if the shapes of utility and weighting functions are the same. Further, the typical pattern of prospect theory is more prevalent under risk but not as much under uncertainty. More combinations of shapes for utility and weighting functions are found under uncertainty, suggesting that different... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Trader behavior; Risk aversion; Probability weighting. |
| Ano: 2007 |
URL: http://purl.umn.edu/37569 |
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| Pennings, Joost M.E.; Irwin, Scott H.; Good, Darrel L.. |
| Mail surveys are a very popular instrument for researchers as well as government agencies and commercial firms to obtain information about farmers. A large percentage of farmers do not respond to these mail surveys. To gain insight into why farmers do not respond and their preferences regarding mail surveys, farmers who did not respond to a mail survey were interviewed. From our field study it appears that a large proportion does not even read the questionnaire. Furthermore, the period in which the survey is sent along with the form and amount of compensation, the sender of the questionnaire, and the length of the questionnaire has a crucial impact on the willingness to participate. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 1999 |
URL: http://purl.umn.edu/14781 |
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| Pennings, Joost M.E.; Isengildina, Olga; Irwin, Scott H.; Good, Darrel L.; Garcia, Philip; Frank, Julieta; Kuiper, W. Erno. |
| Producers have a wide variety of risk management instruments available. How do producers make a choice of risk management instruments? Using the recently developed choice bracketing framework, we examine what risk management strategies producers use and identify the factors that drive their risk management decisions. Our results identify that producers use a wide variety of combinations of risk management instruments and that they bracket their choices into sets of alternative risk management instruments. Using multinomial logit models to estimate the choice process provides information about the factors that influence producers' decision making. The results show that broad bracketing producers use different risk management instruments than narrow... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/19550 |
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| Registros recuperados: 45 | |
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