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The Representation Of Risk In Econometric Models Of Supply: Some Observations

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  • Brennan, John P.

Abstract

The high correlation between many of the measures used to represent risk in econometric models of supply is demonstrated. A case is made for a very simple measure, the moving range, to be used to represent risk in these models.

Suggested Citation

  • Brennan, John P., 1982. "The Representation Of Risk In Econometric Models Of Supply: Some Observations," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(2), pages 1-6, August.
    • Handle: RePEc:ags:ajaeau:22606
    DOI: 10.22004/ag.econ.22606
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    References listed on IDEAS

    as
    1. Richard E. Just, 1974. "An Investigation of the Importance of Risk in Farmers' Decisions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 14-25.
    2. Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41(02-3), pages 1-38, June.
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    Cited by:

    1. Kirtti Ranjan Paltasingh & Phanindra Goyari, 2018. "Statistical Modeling of Crop-Weather Relationship in India: A Survey on Evolutionary Trend of Methodologies," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 15(1), pages 42-60, June.
    2. Anderson, Jock R. & Dillon, John L. & Hazell, Peter B.R. & Cowie, A.J. & Wan, G.H., 1988. "Changing Variability in Cereal Production in Australia," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), pages 1-17, December.
    3. Van Kooten, G. C. & Spriggs, John & Schmitz, Andrew, 1989. "The Impact of Canadian Commodity Stabilization Programs on Risk Reduction and the Supply of Agricultural Commodities," Working Papers 244037, Agriculture and Agri-Food Canada.
    4. Mohamed Adel Dhif & Mohamed Mekki Ben Jemaa, 2004. "Uncertainty and Risk Aversion: Implication for Tunisian Cereals Crops," Working Papers 0415, Economic Research Forum, revised 07 Jan 2004.
    5. Rausser, Gordon C. & Chalfant, James A. & Stamoulis, Kostas G., 1985. "Instability in Agricultural Markets: The US Experience," 1985 Conference, August 26-September 4, 1985, Malaga, Spain 182621, International Association of Agricultural Economists.
    6. Wann, Joyce Jong-Wen & Fletcher, Stanley M., 1985. "Alternative Representations Of Risk In Econometric Models Of Supply: A Case Of Soybeans In The Southern Region," 1985 Annual Meeting, August 4-7, Ames, Iowa 278550, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Jeon, Jong-Pyeong, 1989. "The impacts of policy alternatives and foreign demand fluctuations on the US rice market," ISU General Staff Papers 1989010108000010204, Iowa State University, Department of Economics.
    8. P. J. Gunawardana & E. A. Oczkowski, 1992. "Government Policies And Agricultural Supply Response: Paddy In Sri Lanka," Journal of Agricultural Economics, Wiley Blackwell, vol. 43(2), pages 231-242, May.
    9. Wall, Charles A. & Fisher, Brian S., 1988. "Supply Response and the Theory of Production and Profit Functions," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), pages 1-22, December.

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    Keywords

    Risk and Uncertainty;

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