Estimation of Farmers' Risk Attitude: An Econometric Approach

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Abstract
An econometric procedure for estimating Arrow‐Pratt coefficients of risk aversion is derived. The model of farmers allocating land among different crops, and time between leisure and labor, allows for testing Arrow's hypotheses of decreasing absolute risk aversion and increasing relative risk aversion. The empirical results support these hypotheses. (This abstract was borrowed from another version of this item.)
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