Using Consumption and Asset Return Data to Estimate Farmersï¾’ Time Preferences and Risk Attitudes
The generalized expected utility model is fitted to U.S. farm data to estimate farm operator's time preferences and risk attitudes. The estimated farmer's utility parameters are quite "reasonable" and exhibit high accuracy. The forward-looking expected utility model is soundly rejected in favor of the generalized expected utility paradigm. Importantly, the generalized expected utility model is also found to fit the data better than the myopic model typically used to study agricultural production under risk. Finally, U.S. farmers' relative aversion to risk appears to have diminished significantly over time.
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|Date of creation:||01 Nov 2000|
|Date of revision:|
|Publication status:||Published in American Journal of Agricultural Economics, November 2000, vol. 82 no. 4, pp. 934-947|
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