Risk Preferences, Price Uncertainties and Production Risk: A Survey

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F23%3A97763" target="_blank" >RIV/60460709:41110/23:97763 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.cabidigitallibrary.org/doi/book/10.1079/9781800622289.0000" target="_blank" >https://www.cabidigitallibrary.org/doi/book/10.1079/9781800622289.0000</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1079/9781800622289.0002" target="_blank" >10.1079/9781800622289.0002</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Risk Preferences, Price Uncertainties and Production Risk: A Survey

Popis výsledku v původním jazyce

This chapter deals with modeling of risk preferences when producers face uncertainties in output and input prices, in addition to production risk. All these uncertainty components are modeled assuming that the producers maximize expected utility of anticipated profit. Risk preference functions associated with these uncertainties are derived without assuming a specific form of the utility function. Moreover, no distributional assumptions are made on the distributions of the random variables representing price and production uncertainties. A multi-stage estimation procedure is discussed to estimate the parameters of the production function and risk preference functions associated with output price uncertainty, input price uncertainty and production risk. Production risk is specified in such a way that one can identify inputs with increasing, decreasing and constant production risks. Similarly, risk aversion behavior is specified in such a way that one can test for different types of risk aversion behavior. Different modeling strategies that have been used in the past are also discussed. We also consider the certainty equivalent approach.

Název v anglickém jazyce

Risk Preferences, Price Uncertainties and Production Risk: A Survey

Popis výsledku anglicky

This chapter deals with modeling of risk preferences when producers face uncertainties in output and input prices, in addition to production risk. All these uncertainty components are modeled assuming that the producers maximize expected utility of anticipated profit. Risk preference functions associated with these uncertainties are derived without assuming a specific form of the utility function. Moreover, no distributional assumptions are made on the distributions of the random variables representing price and production uncertainties. A multi-stage estimation procedure is discussed to estimate the parameters of the production function and risk preference functions associated with output price uncertainty, input price uncertainty and production risk. Production risk is specified in such a way that one can identify inputs with increasing, decreasing and constant production risks. Similarly, risk aversion behavior is specified in such a way that one can test for different types of risk aversion behavior. Different modeling strategies that have been used in the past are also discussed. We also consider the certainty equivalent approach.

Druh

C - Kapitola v odborné knize

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název knihy nebo sborníku

Managing Risk in Agriculture: A Development Perspective

ISBN

978-1-80062-226-5

Počet stran výsledku

14

Strana od-do

20-34

Počet stran knihy

344

Název nakladatele

CABI

Místo vydání

Wallingford

Kód UT WoS kapitoly

—