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Specification and estimation of heterogeneous risk preference

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  • Guan, Zhengfei
  • Wu, Feng
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    Abstract

    In this paper we specify and estimate producers’ risk preference using farm data. We allow heterogeneous risk preference across individuals and propose a specification to model the heterogeneity. We base farmers’ decision making on a utility maximization framework and incorporate both market and production risk in farmers’ decision making. We do not assume any specific utility function or distribution of risk. The empirical application to farm level production data shows that risk preference does vary among individuals; demographic and institutional factors have significant effect on producers’ risk attitude.

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    File URL: http://purl.umn.edu/51804
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    Bibliographic Info

    Paper provided by International Association of Agricultural Economists in its series 2009 Conference, August 16-22, 2009, Beijing, China with number 51804.

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    Date of creation: 2009
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    Handle: RePEc:ags:iaae09:51804

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    Related research

    Keywords: Risk Preference; Heterogeneity; Production Risk; Price Risk; Demographics; Subsidy; GMM; Agricultural Finance; Crop Production/Industries; Production Economics; Risk and Uncertainty;

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