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An alternative method for computing stochastically efficient mixtures of risky alternatives

Author

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  • McCamley, Francis P.
  • Kliebenstein, James B.

Abstract

Tauer's Target MOTAD model can be used to compute stochastically efficient mixtures of risky alternatives. The paper presents an alternative method which is more consistent with accepted views of the relationship between income and marginal utility. Unique solutions belong to the set of third degree stochastic dominance efficient mixtures. The method is illustrated using example data from Anderson, Dillon and Hardaker. For their example, the method in this paper yields less diverse crop mixtures than Target MOTAD does.

Suggested Citation

  • McCamley, Francis P. & Kliebenstein, James B., 1984. "An alternative method for computing stochastically efficient mixtures of risky alternatives," WAEA/ WFEA Conference Archive (1929-1995) 291710, Western Agricultural Economics Association.
    • Handle: RePEc:ags:waeaar:291710
    DOI: 10.22004/ag.econ.291710
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    1. McCamley, Francis & Kliebenstein, James B., 1984. "Describing and Determining the Complete Set of Target MOTAD Solutions," 1984 Annual Meeting, August 5-8, Ithaca, New York 278966, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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