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Sparse Data, Estimational Reliability, and Risk-Efficient Decisions

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  • Jock R. Anderson

Abstract

The minimal data required for a reasonable estimation of probability distributions is investigated through a Monte Carlo study of a rule for smoothing sparse data into cumulative distribution functions. In a set of estimated distributions, risky prospects not preferred by risk-averse decision makers can be identified and discarded.

Suggested Citation

  • Jock R. Anderson, 1974. "Sparse Data, Estimational Reliability, and Risk-Efficient Decisions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 564-572.
    • Handle: RePEc:oup:ajagec:v:56:y:1974:i:3:p:564-572.
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    Cited by:

    1. McCarl, Bruce A., 1988. "Preference Among Risky Prospects Under Constant Risk Aversion," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 20(2), pages 1-10, December.
    2. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), pages 1-54, September.
    3. Musser, Wesley N. & Tew, Bernard V. & Epperson, James E., 1981. "An Economic Examination Of An Integrated Pest Management Production System With A Contrast Between E-V And Stochastic Dominance Analysis," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 13(1), pages 1-6, July.
    4. Lien, Gudbrand D. & Flaten, Ola & Schumann, Keith D. & Richardson, James W. & Korsaeth, Audun & Eltun, Ragnar, 2005. "Comparison of Risk Between Cropping Systems in Eastern Norway," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24663, European Association of Agricultural Economists.
    5. Irwin, Scott H. & Martines-Filho, Joao Gomes & Good, Darrel L., 2003. "The Pricing Performance Of Market Advisory Services In Corn And Soybeans Over 1995-2001: A Non-Technical Summary," AgMAS Project Research Reports 14770, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    6. Joao Martines-Filho, 2006. "The Performance of Agricultural Market Advisory Services in Corn and Soybeans," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 162-181.
    7. Dias, Weeratilake & Helmers, Glenn A. & Eghball, Bahman, 1999. "Economic And Environmental Risk Efficiency Analysis Of Land Application Of Cattle Feedlot Manure: Generalized Stochastic Dominance Analysis," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35715, Western Agricultural Economics Association.
    8. Taylor, C. Robert, 1984. "A Flexible Method For Empirically Estimating Probability Functions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-11, July.
    9. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004," AgMAS Project Research Reports 37513, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    10. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
    11. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Batts, Ryan M., 2006. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2004: A Non-Technical Summary," AgMAS Project Research Reports 37456, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    12. Irwin, Scott H. & Good, Darrel L. & Martines-Filho, Joao Gomes & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans Over 1995-2003: A Non-Technical Summary," AgMAS Project Research Reports 37486, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    13. King, Robert P., 1983. "Crop Insurance Research Needs," 1983: S-180 Annual Meeting, March 28-30, 1983, San Antonio, Texas 271715, Regional Research Projects > S-180: Risk Management Strategies for Agricultural Production Firms: Perspectives and Research Issues.
    14. Good, Darrel L. & Martines-Filho, Joao Gomes & Irwin, Scott H., 2002. "The Pricing Performance Of Market Advisory Services In Corn And Soybeans Over 1995-2000," AgMAS Project Research Reports 14784, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    15. Watson, W.D. & Anderson, Jock R., 1977. "SPATIAL v. TIME-SERIES DATA FOR ASSESSING RESPONSE RISK," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 45(03), pages 1-5, September.
    16. Good, Darrel L. & Irwin, Scott H. & Martines-Filho, Joao Gomes & Hagedorn, Lewis A., 2005. "The Pricing Performance of Market Advisory Services in Corn and Soybeans over 1995-2003," AgMAS Project Research Reports 14775, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    17. Lien, Gudbrand D. & Flaten, Ola & Korsaeth, Audun & Schumann, Keith D. & Richardson, James W. & Eltun, Ragnar, 2005. "Comparison of Risk in Organic, Integrated and Conventional Cropping Systems in Eastern Norway," 15th Congress, Campinas SP, Brazil, August 14-19, 2005 24251, International Farm Management Association.

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