Beyond Expected Utility: Risk Concepts for Agriculture from a Contemporary Mathmatical Perspective

Michael D. Weiss

Journal of Agricultural Economics Research, 1992, vol. 44, issue 02, 12

Abstract: Expected utility theory, the most prominent economic model of how individuals choose among alternative rists, exhibits serious deficiencies in describing empirically observed behavior. Consequently, economists are actively searching for a new paradigm to describe behavior under risk. Their mathematical tools, such as functional analysis and measure theory, reflect a new, more sophisticated approach to risk. This article describes the new approach, explains several of the mathematical concepts used, and indicates some of their connections to agricultural modeling.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersja:138007

DOI: 10.22004/ag.econ.138007

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