Do Irish cereal Producers use Multiple Cropping as a Strategy for Dealing with Risk?
Boyle, Gerry and McQuinn, Kieran (2003) Do Irish cereal Producers use Multiple Cropping as a Strategy for Dealing with Risk? .
Portfolio theory suggests that risk-averse agents favour a diversified protfolio of assets as a strategy to offset market risk. This paper explicitly tests whethr Irish cereal producers decision to engage in multi-crop production(as set deversification) in itself reveals a relatively risk-averave nature. The issue is examined within the context of sample selection bias, where multi-croppers (portfolio diversifiers) are treated as a sub-sample of a general sample (mono + multi croppers) of Irish cereal production
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