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STOCHASTIC EFFICIENCY ANALYSIS USING MULTIPLE UTILITY FUNCTIONS

Keith D. Schumann, James Richardson (), Gudbrand D. Lien and J. Brian Hardaker

No 19957, 2004 Annual meeting, August 1-4, Denver, CO from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Evaluating the risk of a particular decision depends on the risk aversion of the decision maker related to the underlying utility function. The objective of this paper is to use stochastic efficiency with respect to a function (SERF) to compare the ranking of risky alternatives using alternative utility functional forms.

Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
Pages: 15
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea04:19957

DOI: 10.22004/ag.econ.19957

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