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Choice of Utility Functional Form: Its Effect on Classification of Risk Preferences and the Prediction of Farmer Decisions

Segu M. M. Zuhair, Daniel Taylor and Randall Kramer ()

No 270141, 1987 Annual Meeting, August 2-5, East Lansing, Michigan from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Subjective utility values were elicited from Sri Lankan producers of minor export crops. Exponential, quadratic, and cubic utility functions were estimated. The choice of functional form was found to affect both the classification of risk attitudes and the prediction of harvesting strategy.

Keywords: Agricultural and Food Policy; Research Methods/ Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 18
Date: 1987-08-02
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Journal Article: Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions (1992) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea87:270141

DOI: 10.22004/ag.econ.270141

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