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A New Mean Standard Deviation Utility Function and the Behaviour Towards Risk of Specialist Irish Agricultural Producers: 1988-1997

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Author Info
Boyle, Gerry (National University of Ireland Maynooth)
Conniffe, Denis (National University of Ireland Maynooth)
McQuinn, Kieran (Central Bank and Financial Services Authority of Ireland)

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Abstract

This paper employs a new mean-standard deviation utility (MSU) function with more general properties than traditionally employed function in the agricultural economics literature to explore the risk preferences of Irish barley producers between 1988 and 1997. During this period EU cereal producers were subject to major policy reforms (MacSharry Reforms) that may have influenced the nature of producers' risk attitudes. Our findings support the proposed function in preference to the Linear Mean Variance (LMV) function. We find that Irish cereal producers are highly risk averse but their degree of risk aversion falls appreciably in the period before and following the MacSharry Reforms. We also find that the majority of Irish producers exhibit increasing absolute risk aversion (IARA) but the proportion displaying DARA increases substantially following the 1992 Reforms. The policy implications of our results are discussed.

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Paper provided by Central Bank & Financial Services Authority of Ireland (CBFSAI) in its series Research Technical Papers with number 5/RT/05.

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Length: 29 pages
Date of creation: Nov 2005
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Handle: RePEc:cbi:wpaper:5/rt/05

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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  1. Alfons Oude Lansink, 1999. "Area Allocation Under Price Uncertainty on Dutch Arable Farms," Journal of Agricultural Economics, Blackwell Publishing, vol. 50(1), pages 93-105. [Downloadable!] (restricted)
  2. Wolf, Charles & Pohlman, Larry, 1983. "The Recovery of Risk Preferences from Actual Choices," Econometrica, Econometric Society, vol. 51(3), pages 843-50, May. [Downloadable!] (restricted)
  3. Maurice J. Roche & Kieran McQuinn, 2003. "Grain price volatility in a small open economy," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 30(1), pages 77-98, March.
  4. Pagan, Adrian & Ullah, Aman, 1988. "The Econometric Analysis of Models with Risk Terms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 3(2), pages 87-105, April. [Downloadable!] (restricted)
  5. Abdullahi O. Abdulkadri, 2003. "Estimating risk aversion coefficients for dryland wheat, irrigated corn and dairy producers in Kansas," Applied Economics, Taylor and Francis Journals, vol. 35(7), pages 825-834, January. [Downloadable!] (restricted)
  6. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, vol. 61(1), pages 65-73, March. [Downloadable!] (restricted)
  7. Chavas, Jean-Paul, 2000. "On information and market dynamics: The case of the U.S. beef market," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 833-853, June. [Downloadable!] (restricted)
  8. Lansink, Alfons Oude & Peerlings, Jack, 1996. "Modelling the New EU Cereals and Oilseeds Regime in the Netherlands," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 23(2), pages 161-78.
  9. Robert W. Ackrill, 2003. "EU Enlargement, the CAP and the Cost of Direct Payments: A Note," Journal of Agricultural Economics, Blackwell Publishing, vol. 54(1), pages 73-78. [Downloadable!] (restricted)
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