Invariant Risk Preferences and Supply Response under Price Risk
构建了不变偏好下生产者面对价格风险的供给反应模型，并利用克里特橄榄油生产者的数据，估计了广义里昂惕夫成本函数，推导出不同价格风险度量下的风险厌恶系数。
We develop a supply‐response model for producers with invariant preferences facing price risk and apply it empirically to sample data from Cretan olive‐oil producers. We estimate a Generalized Leontief cost function and use the price distribution historically faced by individual farmers to induce different representations of price risk that are consistent with the invariant preference structure. These different risk measures are combined with the estimated cost structure to provide distinct estimates of the risk‐efficient frontier faced by a representative producer with invariant risk preferences and to derive estimates of producer's generalized coefficients of risk aversion for different measures of price risk.