Brian Hardaker is Emeritus Professor in the Graduate School of Agricultural and Resource Economics, University of New England, Armidale, New South Wales, Australia. James Richardson is Regents Professor and TAES Faculty Fellow in the Department of Agricultural Economics at Texas A&M University, College Station, Texas, USA. Gudbrand Lien is Senior Researcher at the Norwegian Agricultural Economics Research Institute, Oslo and at the Eastern Norway Research Institute, Lillehammer, Norway. Keith Schumann is Extension Associate in the Department of Agricultural Economics at Texas A&M University, College Station, Texas, USA. The authors are grateful to Jock Anderson and two anonymous referees for helpful comments on earlier drafts.
Stochastic efficiency analysis with risk aversion bounds: a simplified approach
Article first published online: 18 JUN 2004
Australian Journal of Agricultural and Resource Economics
Volume 48, Issue 2, pages 253–270, June 2004
How to Cite
Hardaker, J. B., Richardson, J. W., Lien, G. and Schumann, K. D. (2004), Stochastic efficiency analysis with risk aversion bounds: a simplified approach. Australian Journal of Agricultural and Resource Economics, 48: 253–270. doi: 10.1111/j.1467-8489.2004.00239.x
- Issue published online: 18 JUN 2004
- Article first published online: 18 JUN 2004
- 1984, ‘The foundations of the theory of utility and risk’, in O.Hargen and F.Wenstrop (eds), Progress in Utility and Risk Theory, Reidel, Dordrecht, pp. 3–131.
- 1992, Risk Analysis in Dryland Farming Systems, Farming Systems Management Series no. 2, FAO, Rome. and
- 1977, Agricultural Decision Analysis, Iowa State University Press, Ames. , and
- 2003, ‘Risk aversion in economic decision making: Pragmatic guides for consistent choice by natural resource managers’, in J.Wesseler, H.-P.Weikard and R.Weaver (eds), Risk and Uncertainty in Environmental Economics, Edward Elgar, Cheltenham, pp. 171–188. and
- 1989, ‘A generalised stochastic dominance program for the IBM PC’, Southern Journal of Agricultural Economics, vol. 21, pp. 175–182. , , and
- 1969, ‘Rules for ordering uncertain prospects’, American Economic Review, vol. 49, pp. 25–34. and
- 1974, ‘Simplifying the choice between uncertain prospects where preference is nonlinear’, Management Science, vol. 20, pp. 1047–1072.
- 1969, ‘Efficiency analysis of choices involving risk’, Review of Economic Studies, vol. 36, pp. 335–345. and
- 2004, Coping with Risk in Agriculture, 2nd edn. CAB International, Wallingford. , , and
- 1981, ‘An interval approach to measuring decision maker preferences’, American Journal of Agricultural Economics, vol. 63, pp. 510–520. and
- 1984, ‘Risk efficiency models’, in P.J.Barry (ed.), Risk Management in Agriculture, Iowa State University Press, Ames, Iowa, pp. 68–81. and
- 1992, ‘Stochastic dominance and expected utility: survey and analysis’, Management Science, vol. 38, pp. 555–583.
- 1978, ‘Specification of Bernoullian utility function in decision analysis’, Agricultural Economics Research, vol. 30, pp. 30–36. and
- 1988, ‘Preference among risky prospects under constant risk aversion’, Southern Journal of Agricultural Economics, vol. 20, pp. 25–33.
- 1990, ‘Generalized stochastic dominance: an empirical examination’, Southern Journal of Agricultural Economics, vol. 22, pp. 49–55.
- 1977, ‘Choice among distributions’, Journal of Economic Theory, vol. 14, pp. 326–336.
- 2001, ‘Expected utility as a paradigm for decision making in agriculture’, in R.E.Just and R.P.Pope (eds), A Comprehensive Assessment of the Role of Risk in US Agriculture, Kluwer, Boston, pp. 3–19.
- 1988, ‘Obtaining lower and upper bounds on the value of seasonal climate forecasts as a function of risk preferences’, Western Journal of Agricultural Economics, vol. 13, pp. 283–293. and
- 2000, ‘Risk aversion and expected utility theory: a calibration theorem’, Econometrica, vol. 68, pp. 1281–1292.
- 2001, ‘Anomalies: risk aversion’, Journal of Economic Perspectives, vol. 15, pp. 219–232. and
- 2001, Simetar: Simulate Excel to Analyze Risk, Department of Agricultural Economics, Texas A&M University. [Online]. Available: http://www.afpc.tamu.edu/courses/643/downloads.php?dir=7 , and
- 2001, ‘Ordering risky choices’, in: R.E.Just and R.D.Pope (eds), A Comprehensive Assessment of the Role of Risk in US Agriculture, Kluwer, Boston, pp. 41–51. and
- 1972, ‘The rationale of the mean-standard deviation analysis, skewness preference, and the demand for money’, American Economic Review, vol. 62, pp. 354–371.
- 1981, ‘Ordinary and generalised stochastic dominance: a primer’, Department Agriculture and Applied Economics, staff paper, University of Minnesota, pp. 81–27. , , and