- Dairy farmers responded to different sources of risk on a 7 point likert scale to show their perceived importance.
- Now each category of risk does not have same number of risk sources, like market risk (4 sources included in questionnaire), production risk (7 sources).
- In this scenario how can we rank the perceived importance ?
Dear Muhammed,
First of I would like to learn what is your measures of risks. The widely used one measure is the variation in some selected indicators. Let us say, price variation of the concerned product in a time series or in a year. If you have time series, you can use income variation etc. However, the differences in farm size, typology, tenure systems etc. are very important to make comparisons.
Otherwise, only evaluation based on the farmers’ perceptions would be arbitrary.
Take care
Erkan
Thanks for the response respected professor. I have the past 6 years monthly data for milk price and it shows a big uncertainty. Government also regulate the prices for public interest and farmers often consider it to be even lower than their production cost.
If you have a different number of indicators for each risk, the easiest way to compare them is to use the averages and standard deviations for each.
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