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REJOINDER: AN APPROACH TO THE ECONOMETRIC ESTIMATION OF ATTITUDES TO RISK IN AGRICULTURE

REJOINDER: AN APPROACH TO THE ECONOMETRIC ESTIMATION OF ATTITUDES TO RISK IN AGRICULTURE Aurtraliun Joml ofAgricultwa1 Economics, Vol. 35, No. 3 (December 1991), p. 319 REJOINDER: AN APPROACH TO THE ECONOMETRIC ESTIMATION OF ATTITUDES TO RISK IN AGRICULTURE P. BARDSLEY and M. HARRIS Department of Economics, La Trobe University, Bundoora, Victoria 3083 and School of Agriculture & Forestry, University of Melbourne, Parkville, Victoria 3052 Ziv Bar-Shira has correctly pointed out that we failed to test a restriction imposed by theory on the way that the income response of the coefficient of partial risk aversion is related to the wealth response. We are grateful to have this pointed out. It is interesting to note that Bar-Shira’s rough calculations suggest that if the restriction were imposed then our estimates of partial risk coefficients would be closer to 1, which would be consistent with some of the estimates produced by other quite different methods reported in the literature. It would be of some interest to re-estimate our models with the Bar-Shira restriction imposed. 0 Copyright 1991 The Australian Agricultural Economics Society http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

REJOINDER: AN APPROACH TO THE ECONOMETRIC ESTIMATION OF ATTITUDES TO RISK IN AGRICULTURE

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Publisher
Wiley
Copyright
Copyright © 1991 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1991.tb00513.x
Publisher site
See Article on Publisher Site

Abstract

Aurtraliun Joml ofAgricultwa1 Economics, Vol. 35, No. 3 (December 1991), p. 319 REJOINDER: AN APPROACH TO THE ECONOMETRIC ESTIMATION OF ATTITUDES TO RISK IN AGRICULTURE P. BARDSLEY and M. HARRIS Department of Economics, La Trobe University, Bundoora, Victoria 3083 and School of Agriculture & Forestry, University of Melbourne, Parkville, Victoria 3052 Ziv Bar-Shira has correctly pointed out that we failed to test a restriction imposed by theory on the way that the income response of the coefficient of partial risk aversion is related to the wealth response. We are grateful to have this pointed out. It is interesting to note that Bar-Shira’s rough calculations suggest that if the restriction were imposed then our estimates of partial risk coefficients would be closer to 1, which would be consistent with some of the estimates produced by other quite different methods reported in the literature. It would be of some interest to re-estimate our models with the Bar-Shira restriction imposed. 0 Copyright 1991 The Australian Agricultural Economics Society

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Dec 1, 1991

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