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Provedor de dados:  AgEcon
País:  United States
Título:  Specification and estimation of heterogeneous risk preference
Autores:  Guan, Zhengfei
Wu, Feng
Data:  2009-07-01
Ano:  2009
Palavras-chave:  Risk Preference
Heterogeneity
Production Risk
Price Risk
Demographics
Subsidy
GMM
Agricultural Finance
Crop Production/Industries
Production Economics
Risk and Uncertainty
Resumo:  In this paper we specify and estimate producers’ risk preference using farm data. We allow heterogeneous risk preference across individuals and propose a specification to model the heterogeneity. We base farmers’ decision making on a utility maximization framework and incorporate both market and production risk in farmers’ decision making. We do not assume any specific utility function or distribution of risk. The empirical application to farm level production data shows that risk preference does vary among individuals; demographic and institutional factors have significant effect on producers’ risk attitude.
Tipo:  Conference Paper or Presentation
Idioma:  Inglês
Identificador:  http://purl.umn.edu/51804
Relação:  International Association of Agricultural Economists>2009 Conference, August 16-22, 2009, Beijing, China
Contributed Paper
771
Formato:  17
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