<abstract xmlns="http://www.w3.org/1999/xhtml">

Risk perception and risk responses of Greek mussel farmers are important for understanding their risk behavior and the likely success of different risk mitigation strategies. This allows policy makers and actuarial companies to decide what risk management products to offer to address specific types of risks.
Results from an empirical survey showed that ex-farm prices and health/disability status of farmers are perceived as the most important sources of risk.
Risk management decisions were strongly influenced by the attitudes of mussel farmers rather than their socioeconomic status or perception of risk sources.
Financial reserves and an alternative source of stable income are both preferred by mussel farmers as risk management strategies, while optimizing farm management to produce at the lowest possible cost is commonly practiced to eliminate losses. Farmers recommend that for certain types of risks that lead to total losses, e.g. anoxia, tsunamis, harmful algal blooms (HABs), insurance contracts should be provided by the public sector, as in similar situations in agriculture. For other needs, customized insurance contracts should be provided by the actuarial market.
</abstract>

Risk perception and risk responses of Greek mussel farmers are important for understanding their risk behavior and the likely success of different risk mitigation strategies. This allows policy makers and actuarial companies to decide what risk management products to offer to address specific types of risks.
Results from an empirical survey showed that ex-farm prices and health/disability status of farmers are perceived as the most important sources of risk.
Risk management decisions were strongly influenced by the attitudes of mussel farmers rather than their socioeconomic status or perception of risk sources.
Financial reserves and an alternative source of stable income are both preferred by mussel farmers as risk management strategies, while optimizing farm management to produce at the lowest possible cost is commonly practiced to eliminate losses. Farmers recommend that for certain types of risks that lead to total losses, e.g. anoxia, tsunamis, harmful algal blooms (HABs), insurance contracts should be provided by the public sector, as in similar situations in agriculture. For other needs, customized insurance contracts should be provided by the actuarial market.

Empirical approach to risk management strategies of Mediterranean mussel farmers in Greece

Department of Animal Production, Fisheries & Aquaculture

Oceanological and Hydrobiological Studies

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Risk perception and risk responses of Greek mussel farmers are important for understanding their risk behavior and the likely success of different risk...

Empirical approach to risk management strategies of Mediterranean mussel farmers in Greece

Article Category: Original research paper

Published Online: Dec 03, 2021

Page range: 455 - 472

Received: Mar 27, 2021

Accepted: Jun 21, 2021

DOI: https://doi.org/10.2478/oandhs-2021-0039

Keywords
Mediterranean mussels, aquaculture, risk management, insurance policies

© 2021 John A. Theodorou et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Empirical approach to risk management strategies of Mediterranean mussel farmers in Greece

Article Category: Original research paper

Published Online: Dec 03, 2021

Page range: 455 - 472

Received: Mar 27, 2021

Accepted: Jun 21, 2021

DOI: https://doi.org/10.2478/oandhs-2021-0039

KeywordsMediterranean mussels, aquaculture, risk management, insurance policies

© 2021 John A. Theodorou et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
Mediterranean mussels, aquaculture, risk management, insurance policies