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Some Econometric Problems in the Measurement of Utility

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  • Glenn J. Knowles

Abstract

Econometric problems in the measurement of utility are noted and solutions provided. When lotteries which are used to elicit risk preferences are chained or linked they compound error terms. If a utility index is constructed to estimate the utility function, the estimates will be inefficient and possibly biased. An econometric model that attaches an additive error term to the response of the decision maker and does not require indexing is shown to be a better alternative.

Suggested Citation

  • Glenn J. Knowles, 1984. "Some Econometric Problems in the Measurement of Utility," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(4), pages 505-510.
    • Handle: RePEc:oup:ajagec:v:66:y:1984:i:4:p:505-510.
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    File URL: http://hdl.handle.net/10.2307/1240930
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    Cited by:

    1. Fausti, Scott W. & Gillespie, Jeffrey M., 2006. "Measuring risk attitude of agricultural producers using a mail survey: how consistent are the methods?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), pages 1-18, June.
    2. Boisvert, Richard N., 1985. "The Role Of Alternative Risk Programming Models In Empirical Research," Regional Research Projects > 1985: S-180 Annual Meeting, March 24-27, 1985, Charleston, South Carolina 271793, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    3. Fausti, Scott W. & Gillespie, Jeffrey M., 2000. "A Comparative Analysis Of Risk Preference Elicitation Procedures Using Mail Survey Results," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36469, Western Agricultural Economics Association.

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