Estimation of farmers' risk attitude: an econometric approach

Ziv Bar‐Shira · R. E. Just · David Zilberman

46 citations0/0 files storedAgricultural Economics

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

Abstract

Abstract An econometric procedure for estimating Arrow‐Pratt coefficients of risk aversion is derived. The model of farmers allocating land among different crops, and time between leisure and labor, allows for testing Arrow's hypotheses of decreasing absolute risk aversion and increasing relative risk aversion. The empirical results support these hypotheses.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1983Limited-dependent and qualitative variables in econometrics 1964Risk Aversion in the Small and in the Large 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 1987Choice Under Uncertainty: Problems Solved and Unsolved 1981Attitudes Toward Risk: Theoretical Implications of an Experiment in Rural India

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2020Climate Risk and Beliefs in New York Floodplains 2008Farms’ technical inefficiencies in the presence of government programs*2002Non‐parametric estimation of decision makers' risk aversion 2001Chapter 12 The agricultural producer: Theory and statistical measurement 2007Is Risk Aversion Really Correlated with Wealth? How Estimated Probabilities Introduce Spurious Correlation 2009Risk Averters that Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble

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