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Some Estimates of Farmers' Utility Functions

Author

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  • Hildreth, Clifford
  • Knowles, Glenn J.

Abstract

Utility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.

Suggested Citation

  • Hildreth, Clifford & Knowles, Glenn J., 1982. "Some Estimates of Farmers' Utility Functions," Technical Bulletins 54545, University of Minnesota, Agricultural Experiment Station.
    • Handle: RePEc:ags:umaetb:54545
    DOI: 10.22004/ag.econ.54545
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    File URL: https://ageconsearch.umn.edu/record/54545/files/Hildreth-Knowles1982.pdf
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    Citations

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    Cited by:

    1. Eidman, Vernon R., 1989. "Quantifying And Managing Risk In Agriculture," Staff Papers 13646, University of Minnesota, Department of Applied Economics.
    2. Guillermo Cruces & Quentin Wodon, 2007. "Risk-adjusted poverty in Argentina: measurement and determinants," Journal of Development Studies, Taylor & Francis Journals, vol. 43(7), pages 1189-1214.
    3. Hildreth, Clifford, 1983. "Qualitative Analysis Of Production And Hedging," Staff Papers 13765, University of Minnesota, Department of Applied Economics.
    4. Hamal, K.B. & Anderson, Jock R., 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 1-6, December.
    5. Weiss, Michael D., 1985. "Discontinuous Utility In Agricultural Risk Modeling," 1985 Annual Meeting, August 4-7, Ames, Iowa 278524, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
    7. Eric W. Bond & James Tybout & Hale Utar, 2015. "Credit Rationing, Risk Aversion, And Industrial Evolution In Developing Countries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(3), pages 695-722, August.
    8. Neal Blue, E. & Tweeten, Luther, 1997. "The estimation of marginal utility of income for application to agricultural policy analysis," Agricultural Economics, Blackwell, vol. 16(3), pages 155-169, August.
    9. Cruces Guillermo & Makdissi Paul & Wodon Quentin T., 2004. "Poverty Measurement Under Risk Aversion Using Panel Data," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 3(1), pages 1-18, September.
    10. Ravi Kashyap, 2016. "Solving the Equity Risk Premium Puzzle and Inching Towards a Theory of Everything," Papers 1604.04872, arXiv.org, revised Sep 2019.
    11. Schreiner, Mark & Graham, Douglas H. & Miranda, Mario, 1997. "Choices by Poor Households when the Interest Rate for Deposits Differs from the Interest Rate for loans," 1997 Conference, August 10-16, 1997, Sacramento, California 197056, International Association of Agricultural Economists.
    12. Paul Makdissi & Quentin Wodon, 2002. "Can Safety Nets Offset the Impact of Risk on Wage Inequality and Social Welfare?," Cahiers de recherche 02-08, Departement d'économique de l'École de gestion à l'Université de Sherbrooke, revised 2002.
    13. McCamley, Francis & Kliebenstein, James B., 1986. "Necessary Conditions For Dsd Efficiency Of Mixtures Of Risky Alternatives," 1986 Annual Meeting, July 27-30, Reno, Nevada 278149, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    14. Kausik, B.N., 2023. "Equity Premium in Efficient Markets," MPRA Paper 119278, University Library of Munich, Germany.
    15. repec:ebl:ecbull:v:9:y:2003:i:1:p:1-10 is not listed on IDEAS
    16. Max Zongyuan Shang & Ken McEwan, 2021. "The make‐or‐buy decision of feed on livestock farms: Evidence from Ontario swine farms," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 69(3), pages 353-368, September.
    17. Weiss, Michael D., 1984. "Risk Concepts In Agriculture: A Closer Look," 1984 Annual Meeting, August 5-8, Ithaca, New York 279010, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    18. Maier, Johannes & Rüger, Maximilian, 2010. "Measuring Risk Aversion Model-Independently," Discussion Papers in Economics 11873, University of Munich, Department of Economics.
    19. Paul Makdissi & Quentin Wodon, 2003. "Risk-adjusted measures of wage inequality and safety nets," Economics Bulletin, AccessEcon, vol. 9(1), pages 1-10.
    20. Andrew J. Collins & Kasi Bharath Vegesana & Michael J. Seiler & Patrick O’Shea & Prasanna Hettiarachchi & Frederic McKenzie, 2013. "Simulation and mathematical programming decision-making support for smallholder farming," Environment Systems and Decisions, Springer, vol. 33(3), pages 427-439, September.
    21. Haim Levy, 2016. "Aging Population, Retirement, and Risk Taking," Management Science, INFORMS, vol. 62(5), pages 1415-1430, May.

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    Keywords

    Risk and Uncertainty;

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