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Impacts Of Social Capital On Investment Behavior Under Risk

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  • Hanson, Steven D.
  • Robison, Lindon J.

Abstract

Implicit in most applications of the expected utility (EU) model is the assumption that only the decision maker's own income matters. Moreover, studies that estimate risk preferences typically measure how individuals respond to changes in the level and likelihood of having their own income altered (Young). The focus on own income in the EU model is consistent with the assumption most often applied in the neoclassical economic paradigm; namely, that the identity of participants in an economic exchange does not affect the outcome (Telser and Higinbotham).

Suggested Citation

  • Hanson, Steven D. & Robison, Lindon J., 2001. "Impacts Of Social Capital On Investment Behavior Under Risk," Staff Papers 11533, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  • Handle: RePEc:ags:midasp:11533
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    File URL: http://purl.umn.edu/11533
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    References listed on IDEAS

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    1. Samuel Bowles & Glenn C. Loury & Rajiv Sethi, 2014. "Group Inequality," Journal of the European Economic Association, European Economic Association, vol. 12(1), pages 129-152, February.
    2. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1251-1288.
    3. Telser, Lester G & Higinbotham, Harlow N, 1977. "Organized Futures Markets: Costs and Benefits," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 969-1000, October.
    4. Lindon Robison & A. Allan Schmid & Marcelo Siles, 2002. "Is Social Capital Really Capital?," Review of Social Economy, Taylor & Francis Journals, vol. 60(1), pages 1-21.
    5. Gregory M. Perry & Lindon J. Robison, 2001. "Evaluating the Influence of Personal Relationships on Land Sale Prices: A Case Study in Oregon," Land Economics, University of Wisconsin Press, vol. 77(3), pages 385-398.
    6. Robison, Lindon J. & Schmid, A. Allan, 1994. "Can Agriculture Prosper Without Increased Social Capital?," Choices, Agricultural and Applied Economics Association, vol. 9(4).
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