We develop testable hypotheses for utility maximization given risk averse producers based on a general specification of the utility function. This is a direct expansion of the model posed by Pope (1978). Empirical tests using production data with a translog specification indicate that utility maximization does not always hold.
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number
20087.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:ags:aaea04:20087
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