EFFECTS OF RISK ATTITUDE ON THE TECHNICAL EFFICIENCY OF SMALL-HOLDER RICE FARMERS IN OGUN STATE, NIGERIA
Abstract
The growth and development of the agricultural sector in developing countries is largely dependent on technological enhancements, because merely expanding the area of farm cultivation is no longer sufficient to meet the increasing food needs of growing populations. This study examined the effects of risk attitudes on the technical efficiency of small-holder rice farmers in Ogun State, Nigeria. Primary data were collected for the study using a multi-stage sampling technique, and 180 rice farmers were selected from the study area. The data were analyzed with descriptive statistics, stochastic frontier analysis and a simple lottery-choice experiment. The findings revealed that 36.1% of the farmers were between the ages of 31 and 40. Farmers who were 41 years and over were seen to be more risk averse than their younger counterparts. In this age group, 76.66% of rice farmers were risk averse, while 23.34% were risk tolerant. The result of the maximum likelihood estimate (MLE) of the parameters of the stochastic frontier analysis revealed that farm size positively and significantly influenced rice output (β = 0.16, p < 0.1), as did quantity of seed (β = 0.74, p < 0.01) and use of chemicals (β = 0.26, p < 0.01). Years of farming had a negative effect on technical efficiency (β = 0.64, p < 0.01), as did severe risk aversion (β = 0.57, p < 0.1). The study concludes that small-holder farmers are generally risk averse, negatively influencing technical efficiency in the study area. The study recommends that the design of government programs should incorporate farmers’ risk attitudes as an important variable.
Keywords
Risk attitude; technical efficiency; stochastic frontier; rice
References
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Hardaker, J.B., James, W.R., Lien, G., Schumann, K.D. (2004). Stochastic efficiency analysis with risk aversion bounds: a simplified approach. Austral. J. Agric. Res. Econ., 48(2), 253–270. https://doi.org/10.1111/j.1467-8489.2004.00239.x
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Kumbhakar, S.C. (2002). Specification and estimation of production risk, risk preferences and technical efficiency. 84 (2), 8–22. https://doi.org/10.1111/1467-8276.00239
Lema, T.Z., Tessema, S.A., Abebe, F.A. (2017). Analysis of the technical efficiency of rice production in Fogera district of Ethiopia, a stochastic frontier approach. Ethiop. J. Econ., 26(2), 89–108. Retrieved from: https://www.ajol.info/index.php/eje/article/view/177741
Llewelyn, R.V., Williams, J.R. (1996). Nonparametric analysis of technical, pure technical, and scale efficiencies for food crop produc-tion in east java, Indonesia. Agric. Econ., 15(2), 113–126. https://doi.org/10.1016/S0169-5150(96)01202-9
Menapace, L., Colson, G., Raffaelli, R. (2012). Cognitive heuristics and farmers’ perceptions of risks related to climate change (No. 323-2016-11868).
Menezes, C.F., Hanson, D.L. (1970). On the theory of risk aversion. Int. Econ. Rev., 11, 181–187. https://doi.org/10.2307/
2525326
Meyer, J. (2001). Expected utility as a paradigm for decision making in agriculture. In: R.E. Just, R.P. Pope (Eds.), A comprehensive assessment of the role of risk in us agriculture (p. 3–19). Boston: Kluwer.
Miyata, S. (2003). Household risk attitudes in Indonesian villages. Appl. Econ., 35(5), 573–583. https://doi.org/10.1080/0003684022000020823
Nwaru, J.C., Iheke, O.R. (2010). Comparative analysis of resource use efficiency in rice production systems in Abia State of Nigeria. J. Am. Sci., 6(11). Retrieved from: https://www.researchgate.net/publication/228426678_Comparative_Analysis_Of_Resource_Use_Efficiency_In_Rice_Production_Systems_In_Abia_State_Of_Nigeria
Obih, U., Baiyegunhi, L.J. (2017). Implicit price estimation of quality attributes influencing rice prices and choice decisions of con-sumers in Nigeria. J. Agribus. Rural Dev., 3(45), 639–653. https://doi.org/10.17306/J.JARD.2017.00348
Obwona, M. (2006). Determinants of technical efficiency differentials amongst small and medium scale farmers in Uganda: A case of tobacco growers. African Economic Research Consortium (AERC) Research Paper 152.
Ogundele, O.O., Okoruwa, V.O. (2006). Technical efficiency differentials in rice production technologies in Nigeria. African Economic Research Consortium (AERC) Research Paper 154, Nairobi.
Olaoye, O.J., Idowu, A.A., Omoyinmi, G.A.K., Ezeri, G.N.O., Oke, A.O. (2011). Factors determining fish hatchery operations in Ogun State, Nigeria. J. Agric. Exten. Rural Dev., 3(10), 172–181. Retrieved from: https://www.researchgate.net/publication/265510435_Factors_determining_fish_hatchery_operations_in_Ogun_State_Nigeria
Olarinde, L.O., Manyong, V.M., Akintola, J.O. (2007). Attitudes towards risk among maize farmers in the dry savanna zone of Nigeria: some prospective policies for improving food production. Afr. J. Agric. Res., 2(8), 399–408. Retrieved from: https://www.researchgate.net/publication/228433077_Attitudes_towards_risk_among_maize_farmers_in_the_dry_savanna_zone_of_Nigeria_some_prospective_policies_for_improving_food_production
Ologbon, O.A.C., Awotide, D.O., Otunaiya, A.O., Idowu, A.O. (2018). Technical efficiency of rice-based farming systems under se-lected soil conservation practices in Ogun State, Nigeria. World J. Agric. Sci., 3(1), 49–57.
Onoja, A.O., Achike, A.I. (2010). Comparative analyses of farm resource efficiencies in rice production under small scale farmer-managed irrigation schemes and rainfed systems in Kogi State, Nigeria. Research Journal of Agriculture and Biological Sciences, 6(6): 1047-1054. Retrieved from: https://www.semanticscholar.org/paper/Comparative-analyses-of-farm-resource-efficiencies-Onoja-Achike/8090ade4845257ae4da94f5f2be13aaf0219af9f
Osabohien, R., Matthew, O., Gershon, O., Ogunbiyi, T., Nwosu, E. (2019). Agriculture development, employment generation and pov-erty reduction in West Africa. Open Agric. J., 15. http://dx.doi.org/10.2174/1874331501913010082
Pawlak, K., Kołodziejczak, M. (2020). The role of agriculture in ensuring food security in developing countries: considerations in the context of the problem of sustainable food production. Sustainability, 12(13), 5488. https://doi.org/10.3390/su12135488
Rabin, M. (2000). Risk aversion and expected-utility theory. Econometrica, 68(5), 1–14. Retrieved from: https://www.jstor.org/stable/2999450
Rabin, M., Thaler, R.H. (2001). Anomalies, risk aversion. J. Econ. Perspect., 15, 219–232. Retrieved from: https://www.jstor.org/stable/2696549
Ramaswami, B. (1992). Production risk and optimal input decisions. Am. J. Agric. Econ., 74(4), 860–869. https://doi.org/10.2307/1243183
Salau, S.A., Adewumi, M.O., Omotesho, O.A. (2012). Technical efficiency and its determinants at different levels of intensification among maize-based farming households in the Southern Guinea Savanna of Nigeria. Ethiop. J. Env. Stud. Manag., 5(2), 195–206. https://doi.org/10.4314/ejesm.v5i2.11
Tan, S., Heerink, N., Kuyvenhoven, A., Qu, F. (2010). Impact of land fragmentation on rice producers’ technical efficiency in south-east China. J. Life Sci., 57(2), 117–123. https://doi.org/10.1016/j.njas.2010.02.001
Tijani, A.A. (2006). Analysis of the technical efficiency of rice farms in Ijesha Land of Osun State, Nigeria. Agrekon, 45(2), 126. Re-trieved from: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=5ebfaf968d8360c09e9206c44892a40a044a53c8
Tong, Q., Swallow, B., Zhang, L., Zhang, J. (2018). Risk attitude, technical efficiency and adoption: An integrated approach to cli-mate-smart rice production in the Jiangshan plain, China. 30th international conference of agricultural economist. July 28 – August 2, Vancouver. 10.22004/ag.econ.277311
Tong, Q., Swallow, B., Zhang, L., Zhang, J. (2019). The roles of risk aversion and climate smart agriculture in climate risk manage-ment, evidence from rice production in the Jiangshan plain, China. Clim. Risk Manag. http://dx.doi.org/10.1016/j.crm.2019.100199
USDA (United States Department of Agriculture) (2016). Production, supply and distribution. Washington, DC. https://apps.fas.usda.gov/psdonline/psdquery.aspx
World Bank. (2005). World development indicators. www.worldbank.org
Yesuf, M. (2007). Risk aversion in low-income countries: experimental evidence from Ethiopia. discussion paper 715. International Food Policy Research Institute, Environment and Production Technology Division.
Zeckhauser, R., Keeler, E. (1970). Another type of risk aversion. Econometrica, 38, 661–665. https://doi.org/10.2307/1912199
Akongo, G.O., Gombya-Ssembajjwe, W., Buyinza, M. Bua, A. (2016). Effects of climate and conflict on technical efficiency of rice production, Northern Uganda. J. Econ. Sustain. Dev., 7(11), 122–134. Retrieved from: http://dspace.mak.ac.ug/bitstream/handle/10570/5783/Akongo-Buyinza-caes-res.pdf?sequence=1&isAllowed=y
Al-hassan, S. (2008). Technical efficiency of rice farmers in Northern Ghana. African Economic Research Consortium (AERC) Re-search Paper 178, Nairobi. https://africaportal.org/publication/technical-efficiency-of-rice-farmers-in-northern-ghana/
Allias, M. (1984). The foundations of the theory of utility and risk. In: O. Hargen, F. Wenstrop (Eds.), Progress in Utility and Risk Theory (p. 3–131). Dordrecht: Reidel.
Anderson, J.R., Dillon, J.L. Hardaker, J.D. (1977). Agricultural decision analysis. Ames, Iowa State University Press, 344.
Ayinde, O.A., Omotesho, A.O., Adewumi, M.O. (2008). Attitude to risks and management strategies of small-scale crop producers in Kwara State, Nigeria: A Ranking Approach. Afr. J. Bus. Manag., 2(12), 217–221. Retrieved from: https://www.researchgate.net/publication/228429479_Risk_attitudes_and_management_strategies_of_small-scale_crop_producer_in_Kwara_State_Nigeria_A_ranking_approach
Babatunde, O.T., Raphael, O., Qaim, M. (2010). Impact of off-farm income on food security and nutrition in Nigeria. Contributed paper for the 3rd conference of Africa association of Agricultural Economists, “Africa and the Global Food and Financial Crises”, Cape Town, South Africa (19–23 September 2010). retrieved from: https://econpapers.repec.org/paper/agsaaae10/97332.htm
Bard, S.K., Berry, P.J. (2000). Developing a scale for assessing attitude to risks of agricultural decision maker. Int. Food Agribus. Manag. Rev., 3(1), 9–25. https://doi.org/10.1016/S1096-7508(00)00024-0
Battese, G.E., Coelli, T.J. (1995). A model for technical inefficiency effect in a stochastic frontier production function for panel data. Empir. Econ., 20, 325–332. Retrieved from: https://link.springer.com/article/10.1007/BF01205442
Binam, J.N., Njankouawandji, J.T., Nyambi, G., Akoa, M. (2004). Factors affecting the technical efficiency among small-holder farm-ers in the slash and burn agriculture zone of Cameroon. J. Food Pol., 29(5), 531–545. https://doi.org/10.1016/j.foodpol.2004.07.013
Binswanger, H. (1980). Attitudes toward risk, experimental measurement in rural India. Am. J. Agric. Econ., 62(3), 395–407. https://doi.org/10.2307/1240194
Binswanger, H.P. (1981). Attitudes towards risk, theoretical implications of an experiment in Rural India. Econ. J., 867–890. https://doi.org/10.2307/2232497
Cassio, J., Ruth, A., Huffman, D., Sunde, U. (2010). Are risk aversion and impatience related to cognitive ability? Am. Econ. Rev., 100(3), 1238–1260. 10.1257/aer.100.3.1238
CARI (Competitive African Rice Initiative) Overview. (2018). Rice in Africa. https,//www.cariproject.org
Dhungana, B.R., Nuthall, P.L., Nartea, G.V. (2004). Measuring the economic inefficiency of Nepalese rice farms using data envelop-ment analysis. Austral. J. Agric. Res. Econ., 48(2), 347–369. https://doi.org/10.1111/j.1467-8489.2004.00243.x
FAO (Food and Agriculture Organization of the United Nations) (2008). Managing risk in farming. Rome.
Fasoyiro, S.B., Taiwo, K.A. (2012). Strategies for increasing food production and food security in Nigeria. J. Agric. Food Inf., 13(4), 338–355.
FMAWR (2008). National Food Security Programme, pg108.
Hardaker, J.B., James, W.R., Lien, G., Schumann, K.D. (2004). Stochastic efficiency analysis with risk aversion bounds: a simplified approach. Austral. J. Agric. Res. Econ., 48(2), 253–270. https://doi.org/10.1111/j.1467-8489.2004.00239.x
Harrison, G.W., Lau, M.I., Rutström, E.E. (2007). Estimating risk attitudes in Denmark. A field experiment. Scand. J. Econ., 109(2), 341–368. https://doi.org/10.1111/j.1467-9442.2007.00496.x
Jirgi, A.J., Grove, B., Jordaan, H., Nmadu, J.N. (2016). Risk attitude of monocrop and intercrop farmers in Kebbi state, Nigeria. J. Econ. Sustain. Dev., 7(8). retrieved from: https://core.ac.uk/download/pdf/234647475.pdf
Kouamé, E.B. (2010). Risk, risk aversion and choice of risk management strategies by Cocoa
farmers in Western Cote D’ivoire AERC Collaborative Phd Programme1-35. University of Cocody. Retrieved from: https://www.semanticscholar.org/paper/RISK-%2C-RISK-AVERSION-AND-CHOICE-OF-RISK-MANAGEMENT-Kouam%C3%A9/1fd63ec93ccda3c244b2a2b2368c4a62b66d710b
Kumbhakar, S.C. (2002). Specification and estimation of production risk, risk preferences and technical efficiency. 84 (2), 8–22. https://doi.org/10.1111/1467-8276.00239
Lema, T.Z., Tessema, S.A., Abebe, F.A. (2017). Analysis of the technical efficiency of rice production in Fogera district of Ethiopia, a stochastic frontier approach. Ethiop. J. Econ., 26(2), 89–108. Retrieved from: https://www.ajol.info/index.php/eje/article/view/177741
Llewelyn, R.V., Williams, J.R. (1996). Nonparametric analysis of technical, pure technical, and scale efficiencies for food crop produc-tion in east java, Indonesia. Agric. Econ., 15(2), 113–126. https://doi.org/10.1016/S0169-5150(96)01202-9
Menapace, L., Colson, G., Raffaelli, R. (2012). Cognitive heuristics and farmers’ perceptions of risks related to climate change (No. 323-2016-11868).
Menezes, C.F., Hanson, D.L. (1970). On the theory of risk aversion. Int. Econ. Rev., 11, 181–187. https://doi.org/10.2307/
2525326
Meyer, J. (2001). Expected utility as a paradigm for decision making in agriculture. In: R.E. Just, R.P. Pope (Eds.), A comprehensive assessment of the role of risk in us agriculture (p. 3–19). Boston: Kluwer.
Miyata, S. (2003). Household risk attitudes in Indonesian villages. Appl. Econ., 35(5), 573–583. https://doi.org/10.1080/0003684022000020823
Nwaru, J.C., Iheke, O.R. (2010). Comparative analysis of resource use efficiency in rice production systems in Abia State of Nigeria. J. Am. Sci., 6(11). Retrieved from: https://www.researchgate.net/publication/228426678_Comparative_Analysis_Of_Resource_Use_Efficiency_In_Rice_Production_Systems_In_Abia_State_Of_Nigeria
Obih, U., Baiyegunhi, L.J. (2017). Implicit price estimation of quality attributes influencing rice prices and choice decisions of con-sumers in Nigeria. J. Agribus. Rural Dev., 3(45), 639–653. https://doi.org/10.17306/J.JARD.2017.00348
Obwona, M. (2006). Determinants of technical efficiency differentials amongst small and medium scale farmers in Uganda: A case of tobacco growers. African Economic Research Consortium (AERC) Research Paper 152.
Ogundele, O.O., Okoruwa, V.O. (2006). Technical efficiency differentials in rice production technologies in Nigeria. African Economic Research Consortium (AERC) Research Paper 154, Nairobi.
Olaoye, O.J., Idowu, A.A., Omoyinmi, G.A.K., Ezeri, G.N.O., Oke, A.O. (2011). Factors determining fish hatchery operations in Ogun State, Nigeria. J. Agric. Exten. Rural Dev., 3(10), 172–181. Retrieved from: https://www.researchgate.net/publication/265510435_Factors_determining_fish_hatchery_operations_in_Ogun_State_Nigeria
Olarinde, L.O., Manyong, V.M., Akintola, J.O. (2007). Attitudes towards risk among maize farmers in the dry savanna zone of Nigeria: some prospective policies for improving food production. Afr. J. Agric. Res., 2(8), 399–408. Retrieved from: https://www.researchgate.net/publication/228433077_Attitudes_towards_risk_among_maize_farmers_in_the_dry_savanna_zone_of_Nigeria_some_prospective_policies_for_improving_food_production
Ologbon, O.A.C., Awotide, D.O., Otunaiya, A.O., Idowu, A.O. (2018). Technical efficiency of rice-based farming systems under se-lected soil conservation practices in Ogun State, Nigeria. World J. Agric. Sci., 3(1), 49–57.
Onoja, A.O., Achike, A.I. (2010). Comparative analyses of farm resource efficiencies in rice production under small scale farmer-managed irrigation schemes and rainfed systems in Kogi State, Nigeria. Research Journal of Agriculture and Biological Sciences, 6(6): 1047-1054. Retrieved from: https://www.semanticscholar.org/paper/Comparative-analyses-of-farm-resource-efficiencies-Onoja-Achike/8090ade4845257ae4da94f5f2be13aaf0219af9f
Osabohien, R., Matthew, O., Gershon, O., Ogunbiyi, T., Nwosu, E. (2019). Agriculture development, employment generation and pov-erty reduction in West Africa. Open Agric. J., 15. http://dx.doi.org/10.2174/1874331501913010082
Pawlak, K., Kołodziejczak, M. (2020). The role of agriculture in ensuring food security in developing countries: considerations in the context of the problem of sustainable food production. Sustainability, 12(13), 5488. https://doi.org/10.3390/su12135488
Rabin, M. (2000). Risk aversion and expected-utility theory. Econometrica, 68(5), 1–14. Retrieved from: https://www.jstor.org/stable/2999450
Rabin, M., Thaler, R.H. (2001). Anomalies, risk aversion. J. Econ. Perspect., 15, 219–232. Retrieved from: https://www.jstor.org/stable/2696549
Ramaswami, B. (1992). Production risk and optimal input decisions. Am. J. Agric. Econ., 74(4), 860–869. https://doi.org/10.2307/1243183
Salau, S.A., Adewumi, M.O., Omotesho, O.A. (2012). Technical efficiency and its determinants at different levels of intensification among maize-based farming households in the Southern Guinea Savanna of Nigeria. Ethiop. J. Env. Stud. Manag., 5(2), 195–206. https://doi.org/10.4314/ejesm.v5i2.11
Tan, S., Heerink, N., Kuyvenhoven, A., Qu, F. (2010). Impact of land fragmentation on rice producers’ technical efficiency in south-east China. J. Life Sci., 57(2), 117–123. https://doi.org/10.1016/j.njas.2010.02.001
Tijani, A.A. (2006). Analysis of the technical efficiency of rice farms in Ijesha Land of Osun State, Nigeria. Agrekon, 45(2), 126. Re-trieved from: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=5ebfaf968d8360c09e9206c44892a40a044a53c8
Tong, Q., Swallow, B., Zhang, L., Zhang, J. (2018). Risk attitude, technical efficiency and adoption: An integrated approach to cli-mate-smart rice production in the Jiangshan plain, China. 30th international conference of agricultural economist. July 28 – August 2, Vancouver. 10.22004/ag.econ.277311
Tong, Q., Swallow, B., Zhang, L., Zhang, J. (2019). The roles of risk aversion and climate smart agriculture in climate risk manage-ment, evidence from rice production in the Jiangshan plain, China. Clim. Risk Manag. http://dx.doi.org/10.1016/j.crm.2019.100199
USDA (United States Department of Agriculture) (2016). Production, supply and distribution. Washington, DC. https://apps.fas.usda.gov/psdonline/psdquery.aspx
World Bank. (2005). World development indicators. www.worldbank.org
Yesuf, M. (2007). Risk aversion in low-income countries: experimental evidence from Ethiopia. discussion paper 715. International Food Policy Research Institute, Environment and Production Technology Division.
Zeckhauser, R., Keeler, E. (1970). Another type of risk aversion. Econometrica, 38, 661–665. https://doi.org/10.2307/1912199
Obinka, C., Afolami, C., & Akerele, D. (2023). EFFECTS OF RISK ATTITUDE ON THE TECHNICAL EFFICIENCY OF SMALL-HOLDER RICE FARMERS IN OGUN STATE, NIGERIA. Journal of Agribusiness and Rural Development, 69(3), 341–351. https://doi.org/10.17306/J.JARD.2023.01732
Chima Adebare Obinka
cobinka@yahoo.com
Federal University of Agriculture, Nigeria Nigeria
Federal University of Agriculture, Nigeria Nigeria
Carolyn Afolake Afolami
Federal University of Agriculture, Nigeria Nigeria
Federal University of Agriculture, Nigeria Nigeria
Dare Akerele
Federal University of Agriculture, Nigeria Nigeria
Federal University of Agriculture, Nigeria Nigeria
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