Diminishing marginal utility of wealth and calibration of risk in agriculture

American Journal of Agricultural Economics

Volumn 85, Issue 5, 2003, Pages 1234-1241

  Just, David R ^a   Peterson, Hikaru Hanawa ^b  

^a Department of Obstetrics Gynecology   (United States)

^b KANSAS STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

AGRICULTURAL ECONOMICS; RISK PERCEPTION; THEORETICAL STUDY;

EID: 0347270115     PISSN: 00029092     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.0092-5853.2003.00536.x     Document Type: Article

References (8)

1. Allais, M. "Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine." Econometrica 21(1953):503-46.
2. Arrow, K.J. Essays in the Theory of Risk-Bearing. Chicago, IL: Markham Publishing Company, 1971.
3. Bar-Shira, Z., R.E. Just, and D. Zilberman. "Estimation of Farmers' Risk Attitude: An Econometric Approach." Agricultural Economics 17(1997):211-22.
4. Just, D.R., and H.H. Peterson. "Expected Utility Calibration for Continuous Distributions." Working Paper #03-01, Department of Applied Economics and Management, Cornell University, Ithaca, NY, 2003.
5. Langemeier, L.N. "Farm Management Data Bank Documentation." Department of Agricultural Economics Staff Paper No. 90-10, Kansas Sate University, April 1990.
6. Rabin, M. "Diminishing Marginal Utility of Wealth Cannot Explain Risk Aversion." D. Kahneman and A. Tversky, eds., pp. 202-208. Choices, Values, and Frames. New York, NY: Cambridge University Press, 2000.
7. Saha, A. "Expo-Power Utility: A Flexible Form for Absolute and Relative Risk Aversion." American Journal of Agricultural Economics 75(1993):905-13.
8. Saha, A., C.R. Shumway, and H. Talpaz. "Joint Estimation of Risk Preference Structure and Technology Using Expo-Power Utility." American Journal of Agricultural Economics 76(1994):173-84.