Risk attitudes and premiums of U.S. corn and soybean producers: an empirical investigation

详细信息    查看全文

• 作者：Michael J. Livingston (1)
  Ashok K. Mishra (2)
  
• 关键词：Risk attitudes ; Risk premiums ; Coefficient of absolute risk aversion ; Coefficient of absolute downside risk aversion ; Coefficient of relative risk aversion ; Government payments ; Agricultural Resource Management Survey ; Q12 ; Q15 ; Q18
• 刊名：Empirical Economics
• 出版年：2013
• 出版时间：June 2013
• 年：2013
• 卷：44
• 期：3
• 页码：1337-1351
• 全文大小：216KB
• 参考文献：1. Antle JM (1983) Testing the stochastic structure of production: a flexible moment-based approach. J Bus Econ Stat 1: 192-01
  2. Antle JM (1987) Econometric estimation of producers-risk attitudes. Am J Agric Econ 69: 509-22 CrossRef
  3. Antle JM (1989) Nonstructural risk attitude estimation. Am J Agric Econ 71: 774-84 CrossRef
  4. Arrow KJ (1971) Essays in the theory of risk-bearing. Chicago, Markham
  5. Babcock BA, Hart C (2004) Risk-free farming? Center for Agricultural and Rural Development, Iowa State University. Iowa Agric Rev 10(1): 1-
  6. Baltagi BH (2001) Econometric analysis of panel data, 2nd edn. Wiley, New York
  7. Binswanger HP (1981) Theoretical implications of an experiment in rural India. Econ J 91(364): 867-90 CrossRef
  8. Casella G, Berger JL (1990) Statistical inference. Wadsworth, Belmont
  9. Chavas J-P, Holt MT (1996) Economic behavior under uncertainty: a joint analysis of risk preferences and technology. Rev Econ Stat 78: 329-35 CrossRef
  10. Deaton A (1985) Panel data from time series of cross-sections. J Econometr 30: 109-26 CrossRef
  11. Dodge Y, Rousson V (1999) The complications of the fourth central moment. Am Stat 53: 267-69
  12. Fuller WA (2006) Measurement error models. Wiley, Hoboken
  13. Gardebroek C (2006) Comparing risk attitudes of organic and non-organic farmers with a bayesian random coefficient model. Eur Rev Agric Econ 33: 485-10 CrossRef
  14. Greene WH (2008) Econometric analysis, 6th edn. Pearson Education, Upper Saddle River
  15. Hsiao C (2003) Analysis of panel data, 2nd edn. Cambridge University Press, New York CrossRef
  16. Just RE, Pope RD (1979) On the relationship of input decisions and risk. In: Roumasset JA, Boussard J-M, Singh I (eds) Risk, uncertainty and agricultural development. Agricultural Development Council, New York, pp 177-97
  17. Just, RE, Pope, RD (eds) (2002) A comprehensive assessment of the role of risk in U.S. agriculture. Kluwer, Norwell
  18. Livingston ML, Erickson K, Mishra AK (2010) Standard and bayesian random coefficient model estimation of U.S. corn-soybean farmer risk attitudes. In: Ball VE, Fanfani R, Gutierrez L (eds) The economic impact of public support to agriculture: an international perspective, studies in productivity and efficiency, vol 7. Springer, New York, pp 329-43 CrossRef
  19. Menezes C, Geiss G, Tressler J (1980) increasing downside risk. Am Econ Rev 70: 921-32
  20. Newbery DMG, Stiglitz JE (1981) The theory of commodity price stabilization: a study in the economics of risk. Oxford University Press, New York
  21. Pennings JME, Smidts A (2000) Assessing the construct validity of risk attitude. Manag Sci 46: 1337-348 CrossRef
  22. Pratt JW (1964) Risk aversion in the small and in the large. Econometrica 32: 122-36 CrossRef
  23. Swamy PAVB (1970) Efficient inference in a random coefficient regression model. Econometrica 38: 311-23 CrossRef
  24. Swamy PAVB (1971) Statistical inference in random coefficient regression models. Springer, New York CrossRef
  
• 作者单位：Michael J. Livingston (1)
  Ashok K. Mishra (2)
  
  1. U.S. Department of Agriculture, Economic Research Service, 1400 Independence Ave. SW, Mailstop 1800, Washington, DC, 20520-1800, USA
  2. Department of Agricultural Economics and Agribusiness, Louisiana State University AgCenter, 211 Martin D. Woodin Hall, Baton Rouge, LA, 70803, USA
  

文摘

The 2000 Agricultural Risk Protection Act and 2002 Farm Security and Rural Investment Act reduced price and yield risks faced by many U.S. crop producers to low levels. We use a non-structural methodology extended for application to pseudo panels and national survey data to examine the risk attitudes of U.S. corn and soybean producers to test whether, and examine how, risk attitudes varied during the 1996-001 and 2002-008 periods by revenue category. We cannot reject the hypothesis of risk neutrality for the entire population, and for each revenue category, for the former period, but can reject risk neutrality, in favor of risk tolerance, for the entire population and for the larger revenue categories for the latter period. Estimated risk premiums for the latter period suggest that U.S. corn and soybean farmers who earn more require larger payments to remain indifferent between receiving their expected income with certainty and receiving an uncertain income from farming and government programs.