Prospect Theory and Risk Preferences of Oregon Seed Producers

Prospect Theory and Risk Preferences of Oregon Seed Producers

Prospect theory relates risk preference classifications to gains and losses from a reference income level. This study applies prospect theory to reinterpret historical studies of risk preferences of Oregon grass seed growers. A significant relationship between changes in classifications of preferenc...

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Bibliographische Detailangaben
Veröffentlicht in:American Journal of Agricultural Economics. - Oxford University Press. - 73(1991), 2, Seite 429-435
1. Verfasser: Collins, Alan (VerfasserIn)
Weitere Verfasser: Musser, Wesley N., Mason, Robert
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1991
Zugriff auf das übergeordnete Werk:American Journal of Agricultural Economics
Schlagworte:expected utility theory prospect theory risk preferences variance estimation Behavioral sciences Economics Biological sciences Mathematics
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520 |a Prospect theory relates risk preference classifications to gains and losses from a reference income level. This study applies prospect theory to reinterpret historical studies of risk preferences of Oregon grass seed growers. A significant relationship between changes in classifications of preferences and changes in income was found. Results indicated that those who lost income were concentrated in the category of changing to risk preferrers. Income changes calculated from crop combinations were also found to be correlated in a theoretically correct pattern with positive measures of risk from crop enterprises. The research therefore is consistent with further applications of prospect theory to farm management. 
540 |a Copyright 1991 American Agricultural Economics Association 
650 4 |a expected utility theory 
650 4 |a prospect theory 
650 4 |a risk preferences 
650 4 |a variance estimation 
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650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Biological sciences  |x Biology  |x Developmental biology  |x Growth and development  |x Biological development  |x Plant development  |x Plant reproduction  |x Seeds 
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650 4 |a Economics  |x Microeconomics  |x Income  |x Income estimates 
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700 1 |a Mason, Robert  |e verfasserin  |4 aut 
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952 |d 73  |j 1991  |e 2  |h 429-435