IDENTIFYING THE SET OF SSD-EFFICIENT MIXTURES OF RISKY ALTERNATIVES

Francis P. McCamley and James B. Kliebenstein

Western Journal of Agricultural Economics, 1987, vol. 12, issue 01, 9

Abstract: Target MOTAD and other direct utility-maximization models provide one way of computing SSD-efficient mixtures. These models are appropriate when the utility function is known and can also be used to identify part of the set of SSD-efficient mixtures even when the utility function is not known. However, they do not always identify all SSD-efficient mixtures. A grid method was proposed by Bawa, Lindenberg, and Rafsky. A third approach, which extends the work of Dybvig and Ross, is presented here. It is illustrated by applying it to data from Anderson, Dillon, and Hardaker.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32468

DOI: 10.22004/ag.econ.32468

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