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An Empirical Test Of The Interval Approach For Estimating Risk Preferences

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  • Wilson, Paul N.
  • Eidman, Vernon R.
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    Abstract

    Previous attempts to measure agricultural decision makers' risk preferences have obtained values of the Arrow-Pratt coefficient in the range of approximately -.0002 to .0012. The recently developed interval approach for elicitation of risk preferences was used to estimate risk attitudes for Minnesota swine producers. Constant and decreasing absolute risk aversion were predominant among the sample. Seventy-eight percent of the respondents were in the Arrow-Pratt interval of -.0002 to .0003. A discriminant analysis using producer attributes and three estimated risk intervals concluded that 50 percent of the respondents could be classified in the correct risk interval.

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    File URL: http://purl.umn.edu/32100
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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

    Volume (Year): 08 (1983)
    Issue (Month): 02 (December)
    Pages:

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    Handle: RePEc:ags:wjagec:32100

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    Web page: http://waeaonline.org/
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    Keywords: Risk and Uncertainty;

    References

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    1. Meyer, Jack, 1975. "Increasing risk," Journal of Economic Theory, Elsevier, vol. 11(1), pages 119-132, August.
    2. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    3. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
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    Cited by:
    1. Peter Bardsley & M. Harris, 1987. "An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 31(2), pages 112-126, 08.
    2. Ruttan, Vernon W., 1989. "Quantifying And Managing Risk In Agriculture," Staff Papers 13646, University of Minnesota, Department of Applied Economics.
    3. Ferrer, Stuart R.D. & Hoag, Dana L. & Nieuwoudt, W. Lieb, 1997. "Risk preferences of Kwazulu-Natal commercial sugar cane farmers," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 36(4), December.
    4. Ing-Marie Gren, 1994. "Cost efficient pesticide reductions: A study of Sweden," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(3), pages 279-293, June.
    5. Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact Of Risk Preferences On Crop Rotation Choice," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(1), April.
    6. Andersson, H., 1995. "Landlords and farmers: implications of disparities in bargaining power for tenancy in agriculture," Agricultural Economics, Blackwell, vol. 12(2), pages 151-162, August.
    7. Scott Fausti & Jeffrey Gillespie, 2006. "Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), pages 171-188, 06.

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