Expected Utility, Debt‐Equity Structure, and Risk Balancing

Abstract

Abstract The potential effects of agricultural policy on the financial structure of farms is often not fully considered. Although it has been recognized that policies that reduce business risk may induce farmers to increase financial risk, the effects of income policies on farm leverage have not been investigated. This paper explores the relationship between farm policy and debt‐equity structure for a risk‐averse expected utility maximizer.

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