Joint Risk Preference‐Technology Estimation with a Primal System
提出一个原始模型，允许在风险环境下联合估计企业的风险偏好和技术参数，并应用于爱荷华州玉米生产，发现适度风险规避会导致每英亩供给和投入需求缺乏弹性甚至向后弯曲。
Abstract Applied studies of the firm in a risky environment have concentrated either on the firm's technology or on its risk preferences. These models result in generally inconsistent and inefficient parameter estimates. A primal model is proposed which allows a firm's preferences and technology to be estimated jointly in the presence of risk. The model is applied to Iowa corn production and estimated technology parameters are compared with those from other approaches. Modest risk aversion leads to inelastic (even backbending) per‐acre supplies and input demands. Yield heteroskedasticity in inputs leads to supply heteroskedasticity in prices, especially for risk‐neutral firms.