ASSESSING PEASANT FARMERS’ RISK ATTITUDES AND FACTORS THAT INFLUENCE DECISIONS ON RISKY ALTERNATIVES: A CASE STUDY IN THE BORDER REGION OF SOUTH AFRICA
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The experimental method of measuring risk attitudes, using four hypothetical gambling
situations, was used to elicit information from peasant farmers in the Border region of South
Africa. The main intention was to examine peasant farmers’ attitudes towards risk and the
social and economic factors that influence these. Based on the results, peasant farmers in the
study area are risk averse. Factors such as level of formal education and annual household
income were found to have significant influences on peasant farmer's responses towards
making decisions on risky alternatives.