Subjective versus objective yield distributions as measures of production risk
Subjective probabilities of farmers with nonlinear utility are estimated from distributions elicited by applying a linear scoring rule with monetary payoffs. Estimated subjective distributions are compared to objective estimates of yield distributions in a risky rainfed rice‐growing area in the Phil...
| Main Authors: | , |
|---|---|
| Format: | Journal Article |
| Language: | Inglés |
| Published: |
Wiley
1995
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| Online Access: | https://hdl.handle.net/10568/167367 |
| _version_ | 1855537364611366912 |
|---|---|
| author | Smith, Joyotee Mandac, Abraham M. |
| author_browse | Mandac, Abraham M. Smith, Joyotee |
| author_facet | Smith, Joyotee Mandac, Abraham M. |
| author_sort | Smith, Joyotee |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | Subjective probabilities of farmers with nonlinear utility are estimated from distributions elicited by applying a linear scoring rule with monetary payoffs. Estimated subjective distributions are compared to objective estimates of yield distributions in a risky rainfed rice‐growing area in the Philippines. The results indicate that farmers are knowledgeable about mean nitrogen response, but seriously underestimate year‐to‐year variability in yield response to nitrogen. The implication is that accurately estimated objective distributions can be used to estimate upper limits of the effects of risk aversion on allocative decisions. |
| format | Journal Article |
| id | CGSpace167367 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 1995 |
| publishDateRange | 1995 |
| publishDateSort | 1995 |
| publisher | Wiley |
| publisherStr | Wiley |
| record_format | dspace |
| spelling | CGSpace1673672025-01-27T15:00:52Z Subjective versus objective yield distributions as measures of production risk Smith, Joyotee Mandac, Abraham M. Subjective probabilities of farmers with nonlinear utility are estimated from distributions elicited by applying a linear scoring rule with monetary payoffs. Estimated subjective distributions are compared to objective estimates of yield distributions in a risky rainfed rice‐growing area in the Philippines. The results indicate that farmers are knowledgeable about mean nitrogen response, but seriously underestimate year‐to‐year variability in yield response to nitrogen. The implication is that accurately estimated objective distributions can be used to estimate upper limits of the effects of risk aversion on allocative decisions. 1995-02 2024-12-19T12:57:18Z 2024-12-19T12:57:18Z Journal Article https://hdl.handle.net/10568/167367 en Wiley Smith, Joyotee; Mandac, Abraham M. 1995. Subjective versus objective yield distributions as measures of production risk. American J Agri Economics, Volume 77 no. 1 p. 152-161 |
| spellingShingle | Smith, Joyotee Mandac, Abraham M. Subjective versus objective yield distributions as measures of production risk |
| title | Subjective versus objective yield distributions as measures of production risk |
| title_full | Subjective versus objective yield distributions as measures of production risk |
| title_fullStr | Subjective versus objective yield distributions as measures of production risk |
| title_full_unstemmed | Subjective versus objective yield distributions as measures of production risk |
| title_short | Subjective versus objective yield distributions as measures of production risk |
| title_sort | subjective versus objective yield distributions as measures of production risk |
| url | https://hdl.handle.net/10568/167367 |
| work_keys_str_mv | AT smithjoyotee subjectiveversusobjectiveyielddistributionsasmeasuresofproductionrisk AT mandacabrahamm subjectiveversusobjectiveyielddistributionsasmeasuresofproductionrisk |