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Estimating risk aversion coefficients for dry land wheat, irrigated corn and dairy producers in Kansas

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Abstract

The risk attitudes of dry land wheat, irrigated corn, and dairy producers in Kansas are examined using the nonlinear mean-standard deviation approach. Results of analyses indicated that dryland wheat and dairy producers are characterized by increasing absolute and increasing relative risk aversion while irrigated corn producers are characterized by constant absolute and increasing relative risk aversion. Both crop enterprises exhibited constant returns to scale technology while the dairy enterprise exhibited decreasing returns to scale. Gross farm income was significant and positively related to relative risk aversion.

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  • Abdullahi Abdulkadri, 2003. "Estimating risk aversion coefficients for dry land wheat, irrigated corn and dairy producers in Kansas," Applied Economics, Taylor & Francis Journals, vol. 35(7), pages 825-834.
    • Handle: RePEc:taf:applec:v:35:y:2003:i:7:p:825-834
    DOI: 10.1080/0003648032000050612
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    1. Anderson, Jock R. & Dillon, John L. & Hardaker, Brian, 1977. "Agricultural Decision Analysis," Monographs: Applied Economics, AgEcon Search, number 288652, November.
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    1. Matteo Ruggeri & Carlo Drago, 2021. "Is risk attitude toward health outcomes context driven?," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(1), pages 63-77, February.
    2. Teresa Serra & David Zilberman & Jose Gil & Allen Featherstone, 2009. "The effects of decoupling on land allocation," Applied Economics, Taylor & Francis Journals, vol. 41(18), pages 2323-2333.
    3. Moradi, Ebrahim & Darmian, Asma Abdollahi, 2016. "The Analysis of Iran Cotton Producers’ Risk Degree Based on Non-Linear Mean-Standard Deviation Model," International Journal of Agricultural Management and Development (IJAMAD), Iranian Association of Agricultural Economics, vol. 6(4), December.
    4. Lence, Sergio H., 2008. "How Much Can We Learn About Producers' Utility Functions from Their Production Data?," 2008 Agricultural and Rural Finance Markets in Transition, September 25-26, 2008, Kansas City, Missouri 119534, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
    5. Boyle, Gerry & Conniffe, Denis & McQuinn, Kieran, 2005. "A New Mean Standard Deviation Utility Function and the Behaviour Towards Risk of Specialist Irish Agricultural Producers: 1988-1997," Research Technical Papers 5/RT/05, Central Bank of Ireland.
    6. Moser, Stefan & Mußhoff, Oliver, 2017. "Comparing the Use of Risk influencing Production Inputs and Experimentally Measured Risk Attitude: Do the Decisions of Indonesian Small scale Rubber Farmers Match?," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 66(2), June.

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