RISK PERCEPTION AND THE ANALYSIS OF RISK ATTITUDES
| dc.creator | Quiggin, John C. | |
| dc.date | 2017-04-01T20:18:40Z | |
| dc.date.accessioned | 2026-07-09T03:41:20Z | |
| dc.description | Risk has long been recognised as an important feature of the environment facing farmers. In recent years the von Neumann-Morgenstern expected utility theory has been used to analyse decision making under risk. However, many people behave in a manner inconsistent with the expected utility theory. One widely suggested explanation is based on subjective probability distortion. A number of attempts to incorporate this phenomenon into utility theories have been made. In this paper, the problems of analysing subjective probability distortion are discussed. Evidence from a survey of farmers' risk attitudes undertaken in conjunction with the 1977 BAE Australian Agricultural and Grazing Industries Survey is analysed in the light of this discussion. | |
| dc.identifier | doi:10.22004/ag.econ.22866 | |
| dc.identifier | https://ageconsearch.umn.edu/record/22866/files/25020160.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/22866 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/538295 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/22866 | |
| dc.title | RISK PERCEPTION AND THE ANALYSIS OF RISK ATTITUDES | |
| dc.type | Text |