The International Institute for Science, Technology and Education (IISTE)
Abstract
The research investigated the risk attitude, of farmers in Kebbi State, Nigeria, with the aim of generating reliable information on the influence of risk attitudes of the decision-making behaviour of farmers. Agricultural production is highly characterized by risks for this reason, farmers’ attitudes towards risk is imperative in understanding their behaviour towards the adoption of new technology and managerial decisions. The technique applied in order to achieve the objectives of the study was Experimental Gambling Approach. Data to conduct the research was obtained mainly from primary sources through a questionnaire survey of 256 farmers, comprising 98 monocroppers and 158 intercroppers. The results from the study revealed that all the farmers exhibit some level of risk aversion. The intercroppers were statistically significantly more risk-averse than the monocroppers. Risk attitude influences the decisions farmers make in the production process and should be considered when formulating agricultural policies. Keywords: Risk attitude, monocroppers, intercroppers and experimental gambling approach.
