Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions
Publication
, Journal Article
Zuhair, SMM; Taylor, DB; Kramer, RA
Published in: Agricultural Economics
January 1, 1992
In applications of expected utility analysis, researchers are confronted with a choice among several utility functional forms. Subjective utility values and probability distributions for price and yield 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. The exponential function was the best predictor of harvesting strategy because it was the best predictor of mature harvesting. All three functions were equally poor predictors of premature harvesting. © 1992.
Duke Scholars
Published In
Agricultural Economics
DOI
EISSN
1574-0862
ISSN
0169-5150
Publication Date
January 1, 1992
Volume
6
Issue
4
Start / End Page
333 / 344
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
NLM
Zuhair, S. M. M., Taylor, D. B., & Kramer, R. A. (1992). Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions. Agricultural Economics, 6(4), 333–344. https://doi.org/10.1016/0169-5150(92)90009-N
Zuhair, S. M. M., D. B. Taylor, and R. A. Kramer. “Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions.” Agricultural Economics 6, no. 4 (January 1, 1992): 333–44. https://doi.org/10.1016/0169-5150(92)90009-N.
Zuhair SMM, Taylor DB, Kramer RA. Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions. Agricultural Economics. 1992 Jan 1;6(4):333–44.
Zuhair, S. M. M., et al. “Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions.” Agricultural Economics, vol. 6, no. 4, Jan. 1992, pp. 333–44. Scopus, doi:10.1016/0169-5150(92)90009-N.
Zuhair SMM, Taylor DB, Kramer RA. Choice of utility function form: its effect on classification of risk preferences and the prediction of farmer decisions. Agricultural Economics. 1992 Jan 1;6(4):333–344.
Published In
Agricultural Economics
DOI
EISSN
1574-0862
ISSN
0169-5150
Publication Date
January 1, 1992
Volume
6
Issue
4
Start / End Page
333 / 344
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics