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An Empirical Test Of The Interval Approach For Estimating Risk Preferences

  • Wilson, Paul N.
  • Eidman, Vernon R.

Previous attempts to measure agricultural decision makers' risk preferences have obtained values of the Arrow-Pratt coefficient in the range of approximately -.0002 to .0012. The recently developed interval approach for elicitation of risk preferences was used to estimate risk attitudes for Minnesota swine producers. Constant and decreasing absolute risk aversion were predominant among the sample. Seventy-eight percent of the respondents were in the Arrow-Pratt interval of -.0002 to .0003. A discriminant analysis using producer attributes and three estimated risk intervals concluded that 50 percent of the respondents could be classified in the correct risk interval.

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File URL: http://purl.umn.edu/32100
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Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

Volume (Year): 08 (1983)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:wjagec:32100
Contact details of provider: Web page: http://waeaonline.org/

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  1. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
  2. Meyer, Jack, 1975. "Increasing risk," Journal of Economic Theory, Elsevier, vol. 11(1), pages 119-132, August.
  3. King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951.
  4. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
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