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Provedor de dados:  AgEcon
País:  United States
Título:  Economic Efficiency Adjusted for Risk Preferences
Autores:  Yeager, Elizabeth A.
Langemeier, Michael R.
Data:  2012-05-29
Ano:  2012
Palavras-chave:  Cost Efficiency
Revenue Efficiency
Risk Preference
Agribusiness
Farm Management
Production Economics
Risk and Uncertainty
C14
D22
D81
Resumo:  This study investigates the impact of risk preferences on economic efficiency scores. Risk averse individuals may be less likely to adopt new technologies and have lower production levels than individuals with other risk preferences. Nonparametric techniques are used to estimate cost and revenue efficiency for a sample of Kansas farms. Each farm had a risk preference score and the scores in the sample ranged from 5 to 86 where a smaller value represents greater risk aversion. Efficiency estimates were first calculated using traditional input and output measures. Efficiency was re-estimated including the inverse risk preference score as a non-discretionary input. Comparisons were made between the characteristics of the farms with an observed efficiency score change and farms without an efficiency score change with the inclusion of inverse risk preferences. As expected, risk preference plays a role in explaining farm inefficiency. Failure to account for risk preferences overstates inefficiency and the improvements in efficiency that can be made.
Tipo:  Presentation
Idioma:  Inglês
Identificador:  http://purl.umn.edu/124012
Relação:  Agricultural and Applied Economics Association>2012 Annual Meeting, August 12-14, 2012, Seattle, Washington
Formato:  21
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