...Zhengfei Guan; Feng Wu Purpose The purpose of this paper is to propose a general framework for modeling heterogeneous risk preferences of agricultural producers and identifying the underlying factors that affect risk preferences. Design/methodology/approach This paper nests the risk preference...

... is to characterize heterogeneity across people to lay a foundation for future applied research. Design/methodology/approach The paper uses elicitation data from field experiments in Vietnam to fit a finite Gaussian mixture model using the expectation maximization algorithm. Applied results are simulated...