Consistency of risk premium measures

Darren Hudson, Keith Coble and Jayson Lusk

Agricultural Economics, 2005, vol. 33, issue 1, 41-49

Abstract: This research uses the results of a series of within‐sample experiments to elicit risk premium measures from agricultural producers. Results show that there is little consistency between measures in different contexts and using different elicitation methods, suggesting that underlying risk preferences are not consistent. These results highlight some of the difficulty with expected utility theory and risk measurement.

Date: 2005
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