@article{Guan:51804,
      recid = {51804},
      author = {Guan, Zhengfei and Wu, Feng},
      title = {Specification and estimation of heterogeneous risk  preference},
      address = {2009},
      number = {1005-2016-78998},
      series = {Contributed Paper},
      pages = {17},
      year = {2009},
      abstract = {In this paper we specify and estimate producers’ risk  preference using farm data. We allow heterogeneous risk  preference across individuals and propose a specification  to model the heterogeneity. We base farmers’ decision  making on a utility maximization framework and incorporate  both market and production risk in farmers’ decision  making. We do not assume any specific utility function or  distribution of risk. The empirical application to farm  level production data shows that risk preference does vary  among individuals; demographic and institutional factors  have significant effect on producers’ risk attitude.},
      url = {http://ageconsearch.umn.edu/record/51804},
      doi = {https://doi.org/10.22004/ag.econ.51804},
}