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Some Estimates of Farmers' Utility Functions


  • Hildreth, Clifford
  • Knowles, Glenn J.


Utility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.

Suggested Citation

  • Hildreth, Clifford & Knowles, Glenn J., 1982. "Some Estimates of Farmers' Utility Functions," Technical Bulletins 54545, University of Minnesota, Agricultural Experiment Station.
  • Handle: RePEc:ags:umaetb:54545

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    Cited by:

    1. Neal Blue, E. & Tweeten, Luther, 1997. "The estimation of marginal utility of income for application to agricultural policy analysis," Agricultural Economics, Blackwell, vol. 16(3), pages 155-169, August.
    2. K.B. Hamal & Jock R. Anderson, 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 220-225, December.
    3. Guillermo Cruces & Quentin Wodon, 2007. "Risk-adjusted poverty in Argentina: measurement and determinants," Journal of Development Studies, Taylor & Francis Journals, vol. 43(7), pages 1189-1214.
    4. Hildreth, Clifford, 1983. "Qualitative Analysis Of Production And Hedging," Staff Papers 13765, University of Minnesota, Department of Applied Economics.
    5. Weiss, Michael D., 1984. "Risk Concepts In Agriculture: A Closer Look," 1984 Annual Meeting, August 5-8, Ithaca, New York 279010, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Cruces Guillermo & Makdissi Paul & Wodon Quentin T., 2004. "Poverty Measurement Under Risk Aversion Using Panel Data," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 3(1), pages 1-20, September.
    7. Ravi Kashyap, 2016. "Solving the Equity Risk Premium Puzzle and Inching Towards a Theory of Everything," Papers 1604.04872,, revised Mar 2018.
    8. Schreiner, Mark & Graham, Douglas H. & Miranda, Mario, 1997. "Choices by Poor Households when the Interest Rate for Deposits Differs from the Interest Rate for loans," 1997 Conference, August 10-16, 1997, Sacramento, California 197056, International Association of Agricultural Economists.
    9. Paul Makdissi & Quentin Wodon, 2003. "Risk-adjusted measures of wage inequality and safety nets," Economics Bulletin, AccessEcon, vol. 9(1), pages 1-10.
    10. Paul Makdissi & Quentin Wodon, 2002. "Can Safety Nets Offset the Impact of Risk on Wage Inequality and Social Welfare?," Cahiers de recherche 02-08, Departement d'Economique de l'École de gestion à l'Université de Sherbrooke, revised 2002.
    11. Haim Levy, 2016. "Aging Population, Retirement, and Risk Taking," Management Science, INFORMS, vol. 62(5), pages 1415-1430, May.
    12. Weiss, Michael D., 1985. "Discontinuous Utility In Agricultural Risk Modeling," 1985 Annual Meeting, August 4-7, Ames, Iowa 278524, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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