Award-Winning Undergraduate Papers Risk Attitudes Measured by the Interval Approach: A Case Study of Kansas Farmers

Risk attitudes of farmers are of major importance to agricultural economists. This study utilizes a questionnaire designed to determine risk aversion levels. Risk aversion intervals are elicited using generalized stochastic dominance for thirty northeastern Kansas farmers in order to investigate the relationship between age and level of risk aversion, the consistency of risk aversionover five income ranges, and the accuracyof farmers self-assessments of risk aversion. Results indicate no statistically significant difference between the risk aversion levels of younger and older farmers. The majority of farmers expressed fairly consistent risk altitudesover different income ranges. Finally, farmers show some ability to assess their own risk altitudes. Farmers ' attitudes toward risks are of major importance to agriculture today. Results from many research projects depend on the researchers ' assumptions regarding farm-ers ' risk attitudes. In the past, risk research results fre-quently displayed a range of income alternatives involving risk which allowed farmers to choose among the alter