Sociological Factors Affecting Agricultural Price Risk Management in Australia

Autor/inn/en	Jackson, Elizabeth; Quaddus, Mohammed; Islam, Nazrul; Stanton, John
Titel	Sociological Factors Affecting Agricultural Price Risk Management in Australia
Quelle	In: Rural Sociology, 74 (2009) 4, S.546-572 (27 Seiten) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0036-0112
Schlagwörter	Risk Management; Foreign Countries; Focus Groups; Agricultural Production; Rural Areas; Global Approach; Models; Surveys; Social Behavior; Agricultural Occupations; Australia + Suchen Sie Ihr Suchwort? Risikomanagement; Ausland; Agriculture; Production; Landwirtschaft; Produktion; Agrarproduktion; Landwirtschaftliche Produktion; Rural area; Ländlicher Raum; Globales Denken; Analogiemodell; Survey; Umfrage; Befragung; Social behaviour; Soziales Verhalten; Occupation; Beruf; Landwirtschaftlicher Beruf; Australien
Abstract	The highly volatile auction system in Australia accounts for 85 percent of ex-farm wool sales, with the remainder sold by forward contract, futures, and other hedging methods. In this article, against the background of an extensive literature on price risk strategies, we investigate the behavioral factors associated with producers' adoption of price risk-management strategies (specifically futures and forward contracts) for selling wool. This research presents a behavioral model based on Diffusion of Innovations, the Theory of Reasoned Action, and the Theory of Planned Behavior. We found that the auction system is used as a price risk-management tool because other selling methods are considered more risky. We also report on a curious relationship between risk and complexity in terms of wool producers' intentions to use forward contracts. We explored sociological factors in conjunction with focus-group data in an attempt to understand this relationship. This exercise yielded some interesting findings on the impact that trust, habit, social cohesion, and networks have on decision making in the rural community. The significance of this article lies in its application of core sociological theory in a new research context: the Australian wool industry. (Contains 5 footnotes, 4 tables, and 2 figures.) (As Provided).
Anmerkungen	Rural Sociological Society. 104 Gentry Hall, University of Missouri, Columbia, MO 65211-7040. Tel: 573-882-9065; Fax: 573-882-1473; e-mail: ruralsoc@missouri.edu; Web site: http://www.ruralsociology.org
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10