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Measuring Farmers' Trade-Offs between Expected Income and Focus-Loss Income

Author

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  • J. P. G. Webster
  • J. O. S. Kennedy

Abstract

Farmers' attitudes to risk are viewed within a focus-loss framework. Sets of indifference curves are constructed for five farmers who are willing to forgo expected income for increases in a probabilisticly defined minimum income. Each set of curves is compared with the respective farmer's utility function as derived by the modified von Neumann-Morgenstern method.

Suggested Citation

  • J. P. G. Webster & J. O. S. Kennedy, 1975. "Measuring Farmers' Trade-Offs between Expected Income and Focus-Loss Income," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(1), pages 97-105.
    • Handle: RePEc:oup:ajagec:v:57:y:1975:i:1:p:97-105.
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    File URL: http://hdl.handle.net/10.2307/1238845
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    Cited by:

    1. Sinden, Jack A., 1980. "On The Derivation Of Indifference Maps For Estimating Consumer'S Surplus: Reply," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-7, December.
    2. Lins, David A. & Gabriel, Stephen C. & Sonka, Steven T., 1981. "An Analysis Of The Risk Aversion Of Farm Operators: An Asset Portfolio Approach," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(1), pages 1-16, July.
    3. Sulewski, Piotr & Kłoczko-Gajewska, Anna, 2014. "Farmers’ risk perception, risk aversion and strategies to cope with production risk: an empirical study from Poland," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 116(3), pages 1-8, December.
    4. Young, Douglas L., 1979. "Risk Preferences Of Agricultural Producers: Their Use In Extension And Research," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 278203, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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