THE MEAN AND VARIANCE OF THE MEAN-VARIANCE DECISION RULE

James A. Chalfant, Robert N. Collender and Shankar Subramanian

No 270093, 1987 Annual Meeting, August 2-5, East Lansing, Michigan from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The sampling properties of the mean-variance decision vector are studied. We sho,v that, when the parameters of yield distributions are uncertain, risk in estimation causes bias in these decisions and large variances. Especially with small samples, decisions based on estimated parameters can be very poor estimates of optimal behavior.

Keywords: Agricultural and Food Policy; Research Methods/Statistical Methods (search for similar items in EconPapers)
Pages: 15
Date: 1987-08-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea87:270093

DOI: 10.22004/ag.econ.270093

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