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An Economic Analysis Of Corn Yield, Corn Profitability, And Risk At The Edge Of The Corn Belt

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Author Info

  • Chavas, Jean-Paul
  • Kim, Kwansoo
  • Lauer, Joseph G.
  • Klemme, Richard M.
  • Bland, William L.

Abstract

This study investigates the recent evolution of corn yield, with a special focus on the tradeoff between corn profitability and risk. The analysis relies on time-series data from Wisconsin experimental farms at the edge of the Corn Belt. An econometric model of corn yield, corn grain moisture, and corn profitability is specified. Both conditional means and conditional variances are estimated for different sites in Wisconsin. The empirical analysis shows the changes in corn yield and profit over time and across space. The evidence suggests that yield trends are due mostly to technical progress, with smaller effects generated by climate change. On average, corn yield and profitability have improved faster in northern Wisconsin than in the Corn Belt. However, risk has also increased faster. Results show that the choice of corn hybrid maturity makes it easier to manage risk in the Corn Belt than in northern Wisconsin.

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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 26 (2001)
Issue (Month): 01 (July)
Pages:

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Handle: RePEc:ags:jlaare:31152

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Web page: http://waeaonline.org/
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Related research

Keywords: Crop Production/Industries;

References

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  1. Barry K. Goodwin & Alan P. Ker, 1998. "Nonparametric Estimation of Crop Yield Distributions: Implications for Rating Group-Risk Crop Insurance Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 139-153.
  2. Octavio A. Ram�rez, 1997. "Estimation and Use of a Multivariate Parametric Model for Simulating Heteroskedastic, Correlated, Nonnormal Random Variables: The Case of Corn Belt Corn, Soybean, and Wheat Yields," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 191-205.
  3. Antle, John M, 1983. "Testing the Stochastic Structure of Production: A Flexible Moment-based Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(3), pages 192-201, July.
  4. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June.
  5. Chavas, Jean-Paul & Holt, Matthew T, 1996. "Economic Behavior under Uncertainty: A Joint Analysis of Risk Preferences and Technology," The Review of Economics and Statistics, MIT Press, vol. 78(2), pages 329-35, May.
  6. Mendelsohn, Robert & Nordhaus, William D & Shaw, Daigee, 1994. "The Impact of Global Warming on Agriculture: A Ricardian Analysis," American Economic Review, American Economic Association, vol. 84(4), pages 753-71, September.
  7. Yang, Seung-Ryong & Koo, Won W. & Wilson, William W., 1991. "Heteroskedasticity in Crop Yield Models," Statistical Series Reports 121402, North Dakota State University, Department of Agribusiness and Applied Economics.
  8. Robert K. Kaufmann & Seth E. Snell, 1997. "A Biophysical Model of Corn Yield: Integrating Climatic and Social Determinants," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 178-190.
  9. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
  10. Dixon, Bruce L. & Hollinger, Steven E. & Garcia, Philip & Tirupattur, Viswanath, 1994. "Estimating Corn Yield Response Models To Predict Impacts Of Climate Change," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(01), July.
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Cited by:
  1. Quiroga, Sonia & Iglesias, Ana, 2009. "A comparison of the climate risks of cereal, citrus, grapevine and olive production in Spain," Agricultural Systems, Elsevier, vol. 101(1-2), pages 91-100, June.
  2. Taylor, Merritt J. & Lu, Wenhua & Duthie, James A & Roberts, B. Warren & Edelson, Jonathan V., 2003. "Effects Of High And Low Management Intensity On Profitability For Three Watermelon Genotypes," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35067, Southern Agricultural Economics Association.
  3. Nolan, Elizabeth & Santos, Paulo & Shi, Guanming, 2012. "Market concentration and productivity in the United States corn sector: 2002-2009," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 125941, Agricultural and Applied Economics Association.
  4. Dörschner, Till & Musshoff, Oliver, 2013. "Does the risk attitude influence the farmers' willingness to participate in agri-environmental measures? – A normative approach to evaluate ecosystem services," 53rd Annual Conference, Berlin, Germany, September 25-27, 2013 156112, German Association of Agricultural Economists (GEWISOLA).

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