The Risk Attitudes of U.S. Farmers: Comparisons to the General Population and Business Owners
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I compare the risk attitudes of a large, representative sample of farmers to
representative samples of the general population and of non-farm small business
owners using a robust survey measure of risk tolerance. I find no difference between
farmers and the general population in average risk tolerance while small business
owners are significantly more risk tolerant than farmers. If farmers shared the same
demographic profile as the general population, farmers would be significantly more risk tolerant while if farmers shared the profile of nonfarm business owners they would have similar risk tolerance.