This paper addresses the impacts of degree of risk aversion, subsidy scheme and choice of utility function on optimal … expectation was that farmers' risk attitudes are unlikely to have a large effect on choice of enterprise mix. The results tend to … confirm this view, and a farmer who is hardly risk averse at all would choose the same farm plan as a very risk averse farmer …

The relationship between risk in the environment, risk aversion and inequality aversion is not well understood … with varying degrees of risk (“endowment risk”) influence individual behavior. We derive theoretical predictions for these … games using utility functions that capture additively separable constant relative risk aversion and inequity aversion. We …

although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. …