Studies of hog industry structure often invoke risk reduction and transaction costs explanations for empirical observations but fail to directly examine the core concepts of risk behavior and transaction costs theories. Using a more unified conceptual framework and unique survey and accounting...

Researchers employ various measures of risk attitudes to investigate their relation to market behavior with mixed results. We find that a higher-order global risk attitude construct, developed using survey scales and experiments based on expected utility theory, is related to several marketing...

Studies of hog industry structure often invoke risk reduction and transaction costs explanations for empirical observations but fail to directly examine the core concepts of risk behavior and transaction costs theories. Using a more unified conceptual framework and unique survey and accounting...

We investigate the importance of an appropriate representation of behavior, risk attitude, and related characteristics for owner-managers making marketing decisions. We assess whether managerial/firm characteristics directly affect the decisions or if their influence occurs indirectly through...

Despite extensive study, researchers continue to search for consistent and reliable measures of risk preferences to explain market behavior. We find that a measure, combining experiments rooted in expected utility theory and measures derived from surveys, explains spot and contractual sales, but...

Crop producers have numerous marketing and risk management tools available. Research relating producers’ risk attitudes to their use of these tools has produced mixed results, and most studies focus on individual tools to the neglect of complementarities among them. Hence, little is known...

We propose a conceptual model that integrates transaction cost and risk behavior theories in an interdependence framework. Hypotheses are offered that relate the concepts that are central to the proposed model to the three dimensions of channel structures: the allocations of uncertainty,...

The storage-at-a-loss paradox—stocks despite inadequate price growth to cover storage costs—is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market speculators, convenience yields from holding stocks, and...

The storage at a loss paradox - inventories despite an inadequate spot-futures price spread to cover storage costs - is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market speculators, convenience yields from holding...