Efficiency Criteria and Risk Aversion: An Empirical Evaluation
- 1 July 1988
- journal article
- other
- Published by Cambridge University Press (CUP) in Journal of Agricultural and Applied Economics
- Vol. 20 (1) , 171-178
- https://doi.org/10.1017/s0081305200025760
Abstract
A conceptual link among mean-variance (EV), stochastic dominance (SD), mean-risk (ET), and Gini mean difference (EG) is established for determining risk efficient decision sets. The theoretical relations among the various efficiency criteria are then empirically demonstrated with a soybean and wheat double-crop simulation model. Empirical results associated with extended Gini mean difference (EEG) and extended mean-absolute Gini (EEΓ) for risk analysis are encouraging.Keywords
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