On Testing the Structure of Risk Preferences in Agricultural Supply Analysis

Rulon D. Pope and Richard Just

American Journal of Agricultural Economics, 1991, vol. 73, issue 3, 743-748

Abstract: Risk preferences broadly affect many economic decisions when markets are incomplete. Common representations of risk preferences are constant absolute, relative, and partial relative risk aversion. Each of these preference classes has distinct impacts on choice. An econometric test for distinguishing the class of preferences is proposed and implemented for potato supply response in Idaho. The data reject constant absolute and partial relative risk aversion and are congruent with constant relative risk aversion.

Date: 1991
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