Some Estimates of Farmers' Utility Functions
AbstractUtility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.
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Bibliographic InfoPaper provided by University of Minnesota, Agricultural Experiment Station in its series Technical Bulletins with number 54545.
Date of creation: 1982
Date of revision:
utility; Bayesian; farmers; uncertainty; risk aversion; decision theory; cattle; Risk and Uncertainty;
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