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Some Estimates of Farmers' Utility Functions

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  • Hildreth, Clifford
  • Knowles, Glenn J.
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    Abstract

    Utility 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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    File URL: http://purl.umn.edu/54545
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    Bibliographic Info

    Paper provided by University of Minnesota, Agricultural Experiment Station in its series Technical Bulletins with number 54545.

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    Date of creation: 1982
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    Handle: RePEc:ags:umaetb:54545

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    Related research

    Keywords: utility; Bayesian; farmers; uncertainty; risk aversion; decision theory; cattle; Risk and Uncertainty;

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    Cited by:
    1. K.B. Hamal & Jock R. Anderson, 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 220-225, December.
    2. Guillermo Cruces & Quentin Wodon, 2007. "Risk-adjusted poverty in Argentina: measurement and determinants," Journal of Development Studies, Taylor & Francis Journals, vol. 43(7), pages 1189-1214.
    3. Paul Makdissi & Quentin Wodon, 2002. "Can Safety Nets Offset the Impact of Risk on Wage Inequality and Social Welfare?," Cahiers de recherche 02-08, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke, revised 2002.
    4. Neal Blue, E. & Tweeten, Luther, 1997. "The estimation of marginal utility of income for application to agricultural policy analysis," Agricultural Economics, Blackwell, vol. 16(3), pages 155-169, August.
    5. Hildreth, Clifford, 1983. "Qualitative Analysis Of Production And Hedging," Staff Papers 13765, University of Minnesota, Department of Applied Economics.
    6. Paul Makdissi & Quentin Wodon, 2003. "Risk-adjusted measures of wage inequality and safety nets," Economics Bulletin, AccessEcon, vol. 9(1), pages 1-10.
    7. Paul MAKDISSI & Quentin WODON & Guillermo Cruces, 2003. "Poverty Measurement Under Risk Aversion Using Panel Data," Cahiers de recherche 03-06, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke.

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