Data/hora: 09/06/2024 15:50:37

Provedor de dados: 	31	
País: 	United States	
Título: 	Empirical Tests of the Refutable Implications of Expected Utility Maximization under Risk	
Autores: 	Liu,   Yucan; Shumway,   C. Richard.	
Data: 	2005-06-06	
Ano: 	2005	
Palavras-chave: 	Indirect utility function; Refutable implications; Risk and uncertainty; Risk and Uncertainty.	
Resumo: 	The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price uncertainty by Saha and Shumway (1998), are extended in this paper to the more general case of both price and quantity uncertainty and result in an important theoretical finding. Empirical tests using a panel of state-level observations fail to reject most refutable hypotheses under output price and output quantity risk, but symmetry conditions implied by a twice-continuously-differentiable indirect utility function are rejected. Two restrictive risk preference hypotheses are also rejected. At individual observations, data were consistent with most of the hypotheses implied by individual states acting as though they were expected utility-maximizing firms.	
Tipo: 	Conference Paper or Presentation	
Idioma: 	Inglês	
Identificador: 	16677

http://purl.umn.edu/19331	
Editor: 	AgEcon Search	
Relação: 	American Agricultural Economics Association&gt;2005 Annual meeting, July 24-27, Providence, RI

Selected Paper 133793	
Formato: 	25

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