Using Consumption and Asset Return Data to Estimate Farmers' Time Preferences and Risk Attitudes
用广义期望效用模型拟合美国农场数据，估计农民的时间偏好和风险态度，发现该模型优于传统短视模型，且农民的风险厌恶程度随时间显著下降。
Abstract The generalized expected utility model is fitted to U.S. farm data to estimate farm operator's time preferences and risk attitudes. The estimated farmer's utility parameters are quite “reasonable” and exhibit high accuracy. The forward‐looking expected utility model is soundly rejected in favor of the generalized expected utility paradigm. Importantly, the generalized expected utility model is also found to fit the data better than the myopic model typically used to study agricultural production under risk. Finally, U.S. farmers' relative aversion to risk appears to have diminished significantly over time