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Abstract

Farmers in the high rainfall region of Western Australia are able to obtain agricultural information and incorporate this information into their production systems. As a result risk associated with this production may alter. To determine the benefits of this change, farmers were asked to directly value the information that they received by using questionnaires based on the contingent valuation method (CVM. These valuations combined with additional data collected from the questionnaires were incorporated into profit functions and farmers' attitudes towards risk were estimated. It was hypothesised that these estimations would be consistent With the Australian literature and would therefore be valid and reliable. Results showed that generally farmers' risk aversion coefficients, estimated using their valuations for the information that they used, were small and so comparable to other recorded findings. It may therefore be argued that farmers were able to nominate valid and reliable valuations for the information that they used.

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