Measuring Farmers' Trade-Offs between Expected Income and Focus-Loss Income

J. P. G. Webster and John Kennedy

American Journal of Agricultural Economics, 1975, vol. 57, issue 1, 97-105

Abstract: Farmers' attitudes to risk are viewed within a focus-loss framework. Sets of indifference curves are constructed for five farmers who are willing to forgo expected income for increases in a probabilisticly defined minimum income. Each set of curves is compared with the respective farmer's utility function as derived by the modified von Neumann-Morgenstern method.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:57:y:1975:i:1:p:97-105.

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