Some Estimates of Farmers' Utility Functions

Utility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.

[1]  Howard Thomas,et al.  Utility and its Measurement , 1973 .

[2]  P. Schoemaker.  Experiments on Decisions under Risk: The Expected Utility Hypothesis , 1980 .

[3]  R. Officer,et al.  Utility Analysis in a Practical Setting , 1968 .

[4]  D. Young.  Risk Preferences of Agricultural Producers: Their Use in Extension and Research , 1979 .

[5]  Jock R. Anderson,et al.  A NOTE ON DECREASING ABSOLUTE RISK AVERSION AMONG FARMERS IN NEPAL , 1982 .

[6]  L. J. Savage,et al.  The Utility Analysis of Choices Involving Risk , 1948, Journal of Political Economy.

[7]  C. Jackson Grayson,et al.  Decisions Under Uncertainty: Drilling Decisions by Oil and Gas Operators. , 1961 .

[8]  Richard J. Zeckhauser,et al.  Another Type of Risk Aversion , 1970 .

[9]  V. Smith.  ECONOMIC THEORY OF WAGER MARKETS , 1971 .

[10]  Peter C. Fishburn,et al.  Utility theory for decision making , 1970 .

[11]  Carl S. Spetzler,et al.  The Development of a Corporate Risk Policy for Capital Investment Decisions , 1968, IEEE Trans. Syst. Sci. Cybern..

[12]  What Do We Know about Agricultural Producers' Behavior under Price and Yield Instability? , 1977 .

[13]  P. Fishburn.  Unbounded Expected Utility , 1975 .

[14]  A note on dependence between a venture and a current prospect , 1977 .

[15]  C. Hildreth.  Expected Utility of Uncertain Ventures , 1974 .

[16]  Robert P. King,et al.  An Interval Approach to Measuring Decision Maker Preferences , 1981 .

[17]  J. Dillon,et al.  Risk Attitudes of Subsistence Farmers in Northeast Brazil: A Sampling Approach , 1978 .

[18]  A. Tversky,et al.  Prospect Theory : An Analysis of Decision under Risk Author ( s ) : , 2007 .

[19]  R. Kihlstrom,et al.  RISK AVERSION WITH RANDOM INITIAL WEALTH , 1981 .

[20]  Leigh Tesfatsion.  Dynamic investment, risk aversion, and foresight sensitivity , 1981 .

[21]  Frederick Mosteller,et al.  An Experimental Measurement of Utility , 1951, Journal of Political Economy.