An Analysis Of The Risk Aversion Of Farm Operators: An Asset Portfolio Approach
The absolute and relative risk aversion characteristics of a large sample of farm operators were estimated from the observed portfolio responses to changes in wealth. Regression estimates suggest that farm operators display decreasing absolute risk aversion. Relative risk aversion varies by type of farm. However, the definition of risky assets has an important bearing on relative risk aversion characteristics. Non-wealth variables are also important in explaining the holding of risky assets by farm operators.
Volume (Year): 06 (1981)
Issue (Month): 01 (July)
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- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
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