IDEAS home Printed from https://ideas.repec.org/a/ags/uersja/138007.html
   My bibliography  Save this article

Beyond Expected Utility: Risk Concepts for Agriculture from a Contemporary Mathmatical Perspective

Author

Listed:
  • Weiss, Michael D.

Abstract

Expected utility theory, the most prominent economic model of how individuals choose among alternative rists, exhibits serious deficiencies in describing empirically observed behavior. Consequently, economists are actively searching for a new paradigm to describe behavior under risk. Their mathematical tools, such as functional analysis and measure theory, reflect a new, more sophisticated approach to risk. This article describes the new approach, explains several of the mathematical concepts used, and indicates some of their connections to agricultural modeling.

Suggested Citation

  • Weiss, Michael D., 1992. "Beyond Expected Utility: Risk Concepts for Agriculture from a Contemporary Mathmatical Perspective," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 44(2), pages 1-12.
    • Handle: RePEc:ags:uersja:138007
    DOI: 10.22004/ag.econ.138007
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/138007/files/2Weiss_44_2.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.138007?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Risk and Uncertainty;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:uersja:138007. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/ersgvus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.