Risk Management in the Agri-Food Sector
Contemporary Economics, Vol. 7, No. 1, pp. 45-62, 2013
18 Pages Posted: 18 Apr 2013 Last revised: 17 Oct 2019
Date Written: March 15, 2013
This paper incorporates the interdisciplinary New Institutional Economics in a comprehensive framework for analyzing risk management in the agri-food sector. First, it specifies the diverse types of agri-food risks (natural, technical, behavioral, economic, policy, etc.) and the modes of their management (market, private, public, and hybrid). Second, it defines the efficiency of risk management and identifies the factors (personal, institutional, dimensional, technological, and natural) of governance choice. Next, it presents stages in the analysis of risk management and the improvement of public intervention in the governance of risk. Finally, it identifies the contemporary opportunities and challenges for risk governance in the agri-food chain.
Keywords: risk management, market, private, and public governance, agri-food chain
JEL Classification: D23, D81, L14, L22, L25, O17, Q12, Q13, Q18, Q52
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