A method is developed to permit joint estimation of risk preference structure, degree of risk aversion, and production technology. The method is implemented using the Expo-Power utility function, which imposes no restrictions on risk preference structure. The empirical application uses data from a sample of Kansas wheat farmers. Evidence rejects the null hypothesis of risk neutrality and suggests that Kansas farmers exhibit decreasing absolute risk aversion and increasing relative risk aversion. Results also show that combined estimation of production function parameters with the utility function parameter is more efficient than is separate estimation of each.

No abstract

Comparisons were made of the growth and carcass fat responses to dietary lysine and of the lysine requirements of 1-wk-old broiler chickens receiving diets containing either 18, 20, 23 or 25% protein. Similar comparisons were made of the responses elicited by dietary arginine in diets containing 18 or 23% dietary protein. The responses to lysine supplementation and the lysine requirements of chicks receiving 23 or 25% protein diets were similar. In comparing the 18 or 20% to the 23% protein diet, the initial responses of growth and feed efficiency to dietary lysine were augmented, but the maximal weight gain diminished as dietary protein decreased, leading to a decrease in the lysine requirements. The amounts of extractable carcass fat or abdominal fat pad increased as dietary protein was lowered and, in general, were reduced either by lysine or arginine supplementation. Percentage of pectoral muscle increased slightly with dietary arginine and protein supplementation. The results suggest that when total dietary amino acid level is reduced, the requirements for the individual amino acid decrease due to growth retardation resulting from single or multiple amino acid deficiencies. Single amino acid supplementation of low protein diet is more effective in improving the amino acid balance than supplementation of high protein diets, resulting in a further decrease in the requirements.

No abstract