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Sparse Data, Estimational Reliability, and Risk-Efficient Decisions

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  • Jock R. Anderson

Abstract

The minimal data required for a reasonable estimation of probability distributions is investigated through a Monte Carlo study of a rule for smoothing sparse data into cumulative distribution functions. In a set of estimated distributions, risky prospects not preferred by risk-averse decision makers can be identified and discarded.

Suggested Citation

  • Jock R. Anderson, 1974. "Sparse Data, Estimational Reliability, and Risk-Efficient Decisions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 564-572.
    • Handle: RePEc:oup:ajagec:v:56:y:1974:i:3:p:564-572.
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    Cited by:

    1. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), pages 1-54, September.
    2. Dias, Weeratilake & Helmers, Glenn A. & Eghball, Bahman, 1999. "Economic And Environmental Risk Efficiency Analysis Of Land Application Of Cattle Feedlot Manure: Generalized Stochastic Dominance Analysis," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35715, Western Agricultural Economics Association.
    3. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004: A Non-Technical Summary," AgMAS Project Research Reports 37456, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    4. McCarl, Bruce A., 1988. "Preference Among Risky Prospects Under Constant Risk Aversion," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 25-34, December.
    5. Lien, Gudbrand D. & Flaten, Ola & Korsaeth, Audun & Schumann, Keith D. & Richardson, James W. & Eltun, Ragnar, 2005. "Comparison of Risk in Organic, Integrated and Conventional Cropping Systems in Eastern Norway," 15th Congress, Campinas SP, Brazil, August 14-19, 2005 24251, International Farm Management Association.
    6. Musser, Wesley N. & Tew, Bernard V. & Epperson, James E., 1981. "An Economic Examination Of An Integrated Pest Management Production System With A Contrast Between E-V And Stochastic Dominance Analysis," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 13(1), pages 1-6, July.
    7. Lien, Gudbrand D. & Flaten, Ola & Schumann, Keith D. & Richardson, James W. & Korsaeth, Audun & Eltun, Ragnar, 2005. "Comparison of Risk Between Cropping Systems in Eastern Norway," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24663, European Association of Agricultural Economists.
    8. Irwin, Scott H. & Martines-Filho, Joao Gomes & Good, Darrel L., 2003. "The Pricing Performance Of Market Advisory Services In Corn And Soybeans Over 1995-2001: A Non-Technical Summary," AgMAS Project Research Reports 14770, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    9. Joao Martines-Filho, 2006. "The Performance of Agricultural Market Advisory Services in Corn and Soybeans," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 162-181.
    10. Taylor, C. Robert, 1984. "A Flexible Method For Empirically Estimating Probability Functions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-11, July.
    11. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004," AgMAS Project Research Reports 37513, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    12. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
    13. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2003: A Non-Technical Summary," AgMAS Project Research Reports 37486, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    14. King, Robert P., 1983. "Crop Insurance Research Needs," 1983: S-180 Annual Meeting, March 28-30, 1983, San Antonio, Texas 271715, Regional Research Projects > S-180: Risk Management Strategies for Agricultural Production Firms: Perspectives and Research Issues.
    15. Good, Darrel L. & Martines-Filho, Joao Gomes & Irwin, Scott H., 2002. "The Pricing Performance Of Market Advisory Services In Corn And Soybeans Over 1995-2000," AgMAS Project Research Reports 14784, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    16. Watson, W.D. & Anderson, Jock R., 1977. "SPATIAL v. TIME-SERIES DATA FOR ASSESSING RESPONSE RISK," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 45(03), pages 1-5, September.
    17. Good, Darrel L. & Irwin, Scott H. & Martines-Filho, Joao Gomes & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans over 1995-2003," AgMAS Project Research Reports 14775, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.

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