@article{Paris:202865,
      recid = {202865},
      author = {Paris, Quirino},
      title = {Positive Mathematical Programming with Generalized Risk: A  Revision},
      address = {2015-04-25},
      number = {1570-2016-133675},
      series = {Working Paper},
      pages = {31},
      month = {Apr},
      year = {2015},
      note = {This paper contains a substantial revision of a previous  paper with the same title.},
      abstract = {In 1956, Freund introduced the analysis of price risk in a  mathematical programming
framework. This paper generalizes  the treatment of price risk preferences in a  mathematical
programming framework along the lines  suggested by Meyer (1987) who demonstrated the
equivalence  of expected utility and a wide class of probability  distributions that differ only
by location and scale. This  paper shows how to formulate a Positive  Mathematical
Programming (PMP) specification that allows  the estimation of the risk preference
parameters and  calibrates the model to the base data within admissible  small deviations. The
PMP approach under generalized risk  allows also the estimation of output supply  elasticities
and the response analysis of decoupled farm  subsidies that, recently, has interested policy
makers. The  approach is applied to a sample of large farms. Not all  farms produce all
commodities.},
      url = {http://ageconsearch.umn.edu/record/202865},
      doi = {https://doi.org/10.22004/ag.econ.202865},
}