AN EMPIRICAL TEST OF THE INTERVAL APPROACH FOR ESTIMATING RISK PREFERENCES

Paul N. Wilson · Vernon R. Eidman

70 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Agricultural risk and resilience

Abstract

Previous attempts to measure agricultural decision makers' risk preferences have obtained values of the Arrow-Pratt coefficient in the range of approximately -.0002 to .0012. The recently developed interval approach for elicitation of risk preferences was used to estimate risk attitudes for Minnesota swine producers. Constant and decreasing absolute risk aversion were predominant among the sample. Seventy-eight percent of the respondents were in the Arrow-Pratt interval of -.0002 to .0003. A discriminant analysis using producer attributes and three estimated risk intervals concluded that 50 percent of the respondents could be classified in the correct risk interval.

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References

1972Essays in the Theory of Risk-Bearing.1980Attitudes Toward Risk: Experimental Measurement in Rural India 1971On the theory of the competitive firm under price uncertainty 1977Agricultural Decision Analysis 1974An Empirical Test of Utility vs. Profit Maximization in Agricultural Production 1977Choice among distributions 1977Second Degree Stochastic Dominance with Respect to a Function 1968Utility Analysis in a Practical Setting

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2006Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?1994Risk Preferences and Contracting In the U.S. Hog Industry 1998The Effect of Risk and Autonomy on Independent Hog Producers' Contracting Decisions 1985Combining price forecasting with hedging of hogs: An evaluation using alternative measures of risk 1997Feeder‐pig Producers and Finishers: Who Should Contract?2000A COMPARATIVE ANALYSIS OF RISK PREFERENCE ELICITATION PROCEDURES USING MAIL SURVEY RESULTS

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