Consistency of risk premium measures

Darren Hudson, Keith Coble, Jayson Lusk

Research output: Contribution to journalArticle

23 Scopus citations

Abstract

This research uses the results of a series of within-sample experiments to elicit risk premium measures from agricultural producers. Results show that there is little consistency between measures in different contexts and using different elicitation methods, suggesting that underlying risk preferences are not consistent. These results highlight some of the difficulty with expected utility theory and risk measurement.

Original languageEnglish
Pages (from-to)41-49
Number of pages9
JournalAgricultural Economics
Volume33
Issue number1
DOIs
StatePublished - Jul 2005

Keywords

  • Economic experiments
  • Expected utility
  • Risk
  • Risk elicitation

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