JOINT ESTIMATION OF RISK PREFERENCE STRUCTURE AND TECHNOLOGY USING EXPO-POWER UTILITY

被引：132

作者：

SAHA, A ^{[1
]}

SHUMWAY, CR ^{[1
]}

TALPAZ, H ^{[1
]}

机构：

[1] ARO,VOLCANI CTR,DEPT STAT,BET DAGAN,ISRAEL

来源：

AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS | 1994年 / 76卷 / 02期

关键词：

EXPECTED UTILITY; RISK AVERSION; RISK PREFERENCE; TECHNOLOGY;

D O I：

10.2307/1243619

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

A method is developed to permit joint estimation of risk preference structure, degree of risk aversion, and production technology. The method is implemented using the Expo-Power utility function, which imposes no restrictions on risk preference structure. The empirical application uses data from a sample of Kansas wheat farmers. Evidence rejects the null hypothesis of risk neutrality and suggests that Kansas farmers exhibit decreasing absolute risk aversion and increasing relative risk aversion. Results also show that combined estimation of production function parameters with the utility function parameter is more efficient than is separate estimation of each.

引用

页码：173 / 184

页数：12

共 36 条

[11] THE INTRODUCTION OF RISK INTO A PROGRAMMING-MODEL [J].