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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.

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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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, 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.
  2. King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951, 8.
  3. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
  4. Meyer, Jack, 1975. "Increasing risk," Journal of Economic Theory, Elsevier, vol. 11(1), pages 119-132, August.
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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. Andersson, H., 1995. "Landlords and farmers: implications of disparities in bargaining power for tenancy in agriculture," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 12(2), August.
  3. Schurle, Bryan W. & Tierney, William I., Jr., 1990. "A Comparison of Risk Preference Measurements with Implications for Extension Programming," Staff Papers 118185, Kansas State University, Department of Agricultural Economics.
  4. Anaman, Kwabena A. & Boggess, William G., 1986. "A Stochastic Dominance Analysis Of Alternative Marketing Strategies For Mixed Crop Farms In North Florida," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(02), December.
  5. Ludena, Carlos E. & McNamara, Kevin T. & Hammer, P. Allen & Foster, Kenneth A., 2003. "Development Of A Stochastic Model To Evaluate Plant Growers' Enterprise Budgets," 2003 Annual meeting, July 27-30, Montreal, Canada 21942, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. 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.
  7. 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.
  8. 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.
  9. Ruttan, Vernon W., 1989. "Quantifying And Managing Risk In Agriculture," Staff Papers 13646, University of Minnesota, Department of Applied Economics.
  10. 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.
  11. Fausti, Scott W. & Gillespie, Jeffrey M., 2000. "A Comparative Analysis Of Risk Preference Elicitation Procedures Using Mail Survey Results," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36469, Western Agricultural Economics Association.
  12. Wen-Yuan Huang & Richard Heifner & Harold Taylor & Noel Uri, 2000. "Timing Nitrogen Fertilizer Application to Reduce Nitrogen Losses to the Environment," Water Resources Management, Springer, vol. 14(1), pages 35-58, February.
  13. 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.
  14. Ahearn, Mary Clare & Collender, Robert N. & Diao, Xinshen & Harrington, David H. & Hoppe, Robert A. & Korb, Penelope J. & Makki, Shiva S. & Morehart, Mitchell J. & Roberts, Michael J. & Roe, Terry L. , 2004. "Decoupled Payments In A Changing Policy Setting," Agricultural Economics Reports 33981, United States Department of Agriculture, Economic Research Service.
  15. Blank, Steven C., 1989. "Research On Futures Markets: Issues, Approaches, And Empirical Findings," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.

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