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Peasant Risk Aversion and Allocative Behavior: A Quadratic Programming Experiment

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  • Thomas B. Wiens

Abstract

A quadratic risk programming model is used to examine the impact of yield uncertainty on peasant allocation of land among crops and use of hired factor services. The assumption of an exponential utility of income function permits sample estimation of the extent of risk aversion and interpretation of the dual solutions as shadow prices. Historical survey data on a Chinese village are used to show that optimization qualified by risk aversion proves superior to risk neutrality or credit constraints in explaining peasant allocative behavior.

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  • Thomas B. Wiens, 1976. "Peasant Risk Aversion and Allocative Behavior: A Quadratic Programming Experiment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 58(4_Part_1), pages 629-635.
    • Handle: RePEc:oup:ajagec:v:58:y:1976:i:4_part_1:p:629-635.
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