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Application of risk preference estimates in firm-household and agricultural sector models

By: Material type: ArticleArticleLanguage: En Publication details: 1982ISSN:
  • 0002-9092
Subject(s): DDC classification:
  • 83-879792
 In: American Journal of Agricultural Economics v. 64, no. 2, p. 384-39083-879792Summary: Extract: Prolific advances have been made in the development of single period, optimization models for planning farm production under risk. These models are reviewed and placed within the context of the theory of the joint firm-household, which has recently spawned a number of econometric models of farm households. At the sector level, mathematical programming models provide the most explicit way of modelling aggregate risk behavior. But there is a growing literature on econometric supply models which embody some forms of risk behavior
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Extract: Prolific advances have been made in the development of single period, optimization models for planning farm production under risk. These models are reviewed and placed within the context of the theory of the joint firm-household, which has recently spawned a number of econometric models of farm households. At the sector level, mathematical programming models provide the most explicit way of modelling aggregate risk behavior. But there is a growing literature on econometric supply models which embody some forms of risk behavior

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