| Decisions are strongly influenced by risk and risk preferences of decision makers; however, in Chile there are few studies in the agricultural sector focused on this topic. The present paper analyzes the risk preferences of small producers of raspberries (Rubus idaeus L.) and the production function associated with their production system in the Bio-Bio Region of Chile. Under a mean-variance approach, the estimation procedure uses a flexible utility function to incorporate a variety of risk preference alternatives. Three different estimation procedures were used: Least Squares Estimation, Seemingly Unrelated Regression and Full Information Maximum Likelihood, which revealed the same conclusions. Results showed that small farmers are risk averse (γ... |
