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The Expected Utility Hypothesis and Demand-Supply Restrictions

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  • Rulon D. Pope

Abstract

The implications of expected utility theory are examined in order to determine restrictions relevant to reduced form econometric models. In general, Hicksian certainty restrictions do not hold under risk aversion. However, under output price uncertainty, the qualitative nature of the Hicksian restrictions are generally preserved for a commonly used class of polynomial utility functions. These and additional restrictions are considered in the context of a linear model amenable to econometric analysis.

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  • Rulon D. Pope, 1978. "The Expected Utility Hypothesis and Demand-Supply Restrictions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(4), pages 619-627.
    • Handle: RePEc:oup:ajagec:v:60:y:1978:i:4:p:619-627.
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    File URL: http://hdl.handle.net/10.2307/1240246
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    Cited by:

    1. Liu, Karen, 1981. "Multiple Crop Supply and Factor Demand Component of the World Grains, Oilseeds, and Livestock Model," Staff Reports 276718, United States Department of Agriculture, Economic Research Service.
    2. Burton, Diana M. & Love, H. Alan, 1996. "A Review of Alternative Expectations Regimes in Commodity Markets: Specification, Estimation, and Hypothesis Testing Using Structural Models," Agricultural and Resource Economics Review, Cambridge University Press, vol. 25(2), pages 213-231, October.
    3. Weaver, Robert D. & Stefanou, Spiro E., 1984. "Toward A Behavioral Approach To Modelling Dynamic Production Choice Structures," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 13(2), pages 1-14, October.
    4. Antonovitz, Frances & Roe, Terry, 1986. "A Theoretical and Empirical Approach to the Value of Information in Risky Markets," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 105-114, February.
    5. Antonovitz, Frances & Green, Richard, 1987. "Discriminating Among Fed Beef Expectations Models Using Non-Nested Testing Procedures," Working Papers 225806, University of California, Davis, Department of Agricultural and Resource Economics.
    6. Luh, Yir-Hueih & Stefanou, Spiro E., 1989. "Dairy Supply And Factor Demand Response To Output Price Risk: An Econometric Assessment," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 18(2), pages 1-6, October.
    7. Antonovitz, Frances & Roe, Terry L., 1982. "A Measure Of The Value Of Information For The Competitive Firm Under Price Uncertainty," Staff Papers 13702, University of Minnesota, Department of Applied Economics.
    8. Detre, Joshua D. & Foster, Kenneth A., 2004. "Indirect Utility Functions And Testable Conditions," 2004 Annual meeting, August 1-4, Denver, CO 20087, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Roe, Terry L. & Antonovitz, Frances, 1984. "A Producer'S Willingness To Pay For Information Under Price Uncertainty: Theory And Application," Staff Papers 14013, University of Minnesota, Department of Applied Economics.

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