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Impacts of risk aversion on whole-farm management in Syria

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Author Info

  • Pannell, David J.
  • Nordblom, Thomas L.

Abstract

This article reports on a study of the impact of risk on farm management practices in northern Syria, focusing particularly on how these are affected by risk aversion and farm size. The study is based on production data from an eight‐year field trial and on prices from market surveys. A large linear programming model is built, representing the eight years as observations from a discrete probability distribution. Risk aversion is modelled by inclusion of a utility function with constant relative risk aversion, represented using the DEMP/UEP approach.

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File URL: http://purl.umn.edu/117232
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 42 (1998)
Issue (Month): 3 (September)
Pages:

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Handle: RePEc:ags:aareaj:117232

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Related research

Keywords: Farm Management; Risk and Uncertainty;

References

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  1. Bardsley, Peter & Harris, Michael, 1987. "An Approach To The Econometric Estimation Of Attitudes To Risk In Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 31(02), August.
  2. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
  3. K.B. Hamal & Jock R. Anderson, 1982. "A Note On Decreasing Absolute Risk Aversion Among Farmers In Nepal," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 220-225, December.
  4. Levy, Haim & Hanoch, Giora, 1970. "Relative Effectiveness of Efficiency Criteria for Portfolio Selection," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 5(01), pages 63-76, March.
  5. Morrison, David A. & Kingwell, Ross S. & Pannell, David J. & Ewing, Michael A., 1986. "A mathematical programming model of a crop-livestock farm system," Agricultural Systems, Elsevier, vol. 20(4), pages 243-268.
  6. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
  7. Hardaker, J. Brian & Patten, Louise H. & Pannell, David J., 1988. "Utility-Efficient Programming For Whole-Farm Planning," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 32(02-03).
  8. Nordblom, Thomas L. & Pannell, David J. & Christiansen, Scott & Nersoyan, Nerses & Bahhady, Faik, 1994. "From weed to wealth? Prospects for medic pastures in the Mediterranean farming system of north-west Syria," Agricultural Economics, Blackwell, vol. 11(1), pages 29-42, September.
  9. Mazid, Ahmed & Bailey, Elizabeth, 1992. "Incorporating risk in the economic analysis of agronomic trials: fertilizer use on barley in Syria," Agricultural Economics, Blackwell, vol. 7(2), pages 167-184, July.
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Citations

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Cited by:
  1. Awondo, Sebastain N. & Fonsah, Esendugue Greg & Riley, David G., 2012. "Are Tomato-Spotted Wilt Virus Management Tactics Good Enough?," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119790, Southern Agricultural Economics Association.
  2. Petersen, E. H. & Pannell, D. J. & Nordblom, T. L. & Shomo, F., 2002. "Potential benefits from alternative areas of agricultural research for dryland farming in northern Syria," Agricultural Systems, Elsevier, vol. 72(2), pages 93-108, May.
  3. José A. Gómez-Limón & Laura Riesgo & Manuel Arriaza, 2003. "Multi-Criteria Analysis of Factors Use Level: The Case of Water for Irrigation," Economic Working Papers at Centro de Estudios Andaluces E2003/18, Centro de Estudios Andaluces.
  4. Lien, Gudbrand & Hardaker, J. Brian & Asseldonk, Marcel A.P.M. van & Richardson, James W., 2009. "Risk programming and sparse data: how to get more reliable results," Agricultural Systems, Elsevier, vol. 101(1-2), pages 42-48, June.
  5. Adamson, David & Mallawaarachchi, Thilak & Quiggin, John, 2006. "Water use and salinity in the Murray-Darling Basin: a state contingent model," Risk and Sustainable Management Group Working Papers 149861, University of Queensland, School of Economics.
  6. Perez-Mesa, Juan Carlos & Galdeano-Gomez, Emilio & Aznar-Sanchez, Jose A., 2011. "Management System for Harvest Scheduling: The Case of Horticultural Production in Southeast Spain," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IAMA), vol. 14(4).
  7. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
  8. Musshoff, Oliver & Hirschauer, Norbert, 2007. "What benefits are to be derived from improved farm program planning approaches? - The role of time series models and stochastic optimization," Agricultural Systems, Elsevier, vol. 95(1-3), pages 11-27, December.
  9. Murray-Prior, Roy B. & Wright, Vic, 2001. "Influence of strategies and heuristics on farmers’ response to change under uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(4), December.
  10. Flaten, Ola & Lien, Gudbrand D., 2005. "Stochastic Utility-Efficient Programming of Organic Dairy Farms," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24743, European Association of Agricultural Economists.
  11. Pannell, David J. & Malcolm, Bill & Kingwell, Ross S., 2000. "Are we risking too much? Perspectives on risk in farm modelling," Agricultural Economics, Blackwell, vol. 23(1), pages 69-78, June.
  12. Gomez-Limon, J. A. & Berbel, J., 2000. "Multicriteria analysis of derived water demand functions: a Spanish case study," Agricultural Systems, Elsevier, vol. 63(1), pages 49-72, January.

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