Panel Data Nonparametric Estimation of Production Risk and Risk Preferences: An Application to Polish Dairy Farms
AbstractWe apply nonparametric panel data kernel regression to investigate production risk, out-put price uncertainty, and risk attitudes of Polish dairy farms based on a firm-level unbalanced panel data set that covers the period 2004–2010. We compare different model specifications and different approaches for obtaining firm-specific measures of risk attitudes. We found that Polish dairy farmers are risk averse regarding production risk and price uncertainty. According to our results, Polish dairy farmers perceive the production risk as being more significant than the risk related to output price uncertainty.
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Bibliographic InfoPaper provided by University of Copenhagen, Department of Food and Resource Economics in its series IFRO Working Paper with number 2013/6.
Length: 68 pages
Date of creation: Oct 2013
Date of revision:
production risk; price uncertainty; nonparametric econometrics; panel data; Polish dairy farms;
Find related papers by JEL classification:
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
This paper has been announced in the following NEP Reports:
- NEP-AGR-2013-11-16 (Agricultural Economics)
- NEP-ALL-2013-11-16 (All new papers)
- NEP-EFF-2013-11-16 (Efficiency & Productivity)
- NEP-RMG-2013-11-16 (Risk Management)
- NEP-UPT-2013-11-16 (Utility Models & Prospect Theory)
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