Estimation of farmers' risk attitude: an econometric approach
An econometric procedure for estimating Arrow-Pratt coefficients of risk aversion is derived. The model of farmers allocating land among different crops, and time between leisure and labor, allows for testing Arrow's hypotheses of decreasing absolute risk aversion and increasing relative risk aversion. The empirical results support these hypotheses.
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- Peter Bardsley & M. Harris, 1987.
"An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture,"
Australian Journal of Agricultural and Resource Economics,
Australian Agricultural and Resource Economics Society, vol. 31(2), pages 112-126, 08.
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- Jean-Jacques Laffont, 1989. "The Economics of Uncertainty and Information," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121360.
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- Binswanger, Hans P, 1981.
"Attitudes toward Risk: Theoretical Implications of an Experiment in Rural India,"
Royal Economic Society, vol. 91(364), pages 867-90, December.
- Hans Binswanger, 1981. "Attitudes toward risk: Theoretical implications of an experiment in rural india," Artefactual Field Experiments 00010, The Field Experiments Website.
- Bar-Shira, Ziv, 1991. "An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture: Comment," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(03), December.
- Boussard, Jean-Marc, 1996. "When risk generates chaos," Journal of Economic Behavior & Organization, Elsevier, vol. 29(3), pages 433-446, May.
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