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Hranaiova, Jana; Stefanou, Spiro E.. |
SUMMARY: This study focuses on the analysis of the production behavior and risk preferences in the presence of output price uncertainty. Following a theoretical model based on the assumption of maximization of expected utility of profits, the approach used in this study infers information about risk preferences from the production characteristics of the farm. In addition, the nonparametric method of estimating elasticity of scale and technical change eliminates the need to impose a uniform production or cost functions on individual producers. The approach is applied to a panel of dairy farms, which are evaluated for their elasticity of scale and the total productivity growth components of their operations. Estimates of farmers' risk attitudes... |
Tipo: Journal Article |
Palavras-chave: Uncertainty; Risk Aversion; Productivity Growth; Productivity Analysis; Q14. |
Ano: 2002 |
URL: http://purl.umn.edu/28760 |
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