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An Empirical Test Of The Risk Aversion Hypothesis

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  • Elie Appelbaum
  • Aman Ullah

Abstract

In this paper we develop a framework for the empirical analysis of production theory under uncertainty. Applying duality theory and using a flexible functional form for technology, we provide a model for production decisions under uncertainty that can be easily estimated and used to identify attitudes towards risk. Furthermore, we provide a measure of degree of risk aversion and a direct test for the risk aversion hypothesis.

Suggested Citation

  • Elie Appelbaum & Aman Ullah, 1984. "An Empirical Test Of The Risk Aversion Hypothesis," Pakistan Journal of Applied Economics, Applied Economics Research Centre, vol. 3(1), pages 57-64.
    • Handle: RePEc:pje:journl:article1984sumii
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