EFFICIENCY CRITERIA AND RISK AVERSION: AN EMPIRICAL EVALUATION

Michael E. Wetzstein, Philip I. Szmedra, Ronald W. McClendon and David M. Edwards

Southern Journal of Agricultural Economics, 1988, vol. 20, issue 01, 8

Abstract: A conceptual link among mean-variance (EV), stochastic dominance (SD), and mean-risk (ET), and Gini mean difference (EG) is established for determining risk efficient decision sets. The theoretical relations among the various efficiency criteria are then empirically demonstrated with a soybean and wheat double-crop simulation model. Empirical results associated with extended Gini mean difference (EEG) and extended mean-absolute Gini (EET) for risk analysis are encouraging.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:ags:sojoae:29716

DOI: 10.22004/ag.econ.29716

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