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Crop Supply Response under Risk: Impacts of Emerging Issues on Southeastern U.S. Agriculture

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  • Liang, Yan
  • Miller, J. Corey
  • Harri, Ardian
  • Coble, Keith H.

Abstract

In this paper we consider factors that affect both crop prices and yields in order to examine supply responses of major crops in the Southeast. Due to the variable nature of crop production in the Southeast, previous studies that ignore price and yield risk may fail to capture one of the salient features of the region’s agriculture. Our results indicate supply elasticity values for corn, cotton, and soybeans of approximately 0.670, 0.506, and 0.195, respectively. Compared with the results of studies in other regions, corn and cotton acres respond more to price changes and soybean acres respond less to price changes.

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File URL: http://purl.umn.edu/104615
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 43 (2011)
Issue (Month): 02 (May)
Pages:

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Handle: RePEc:ags:joaaec:104615

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: acreage supply; crop supply response model; risk analysis; Southeast U.S. agriculture; Crop Production/Industries; Production Economics; Q12; Q13; Q16;

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References

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  1. Amani Elobeid & Simla Tokgoz, 2008. "Removing Distortions in the U.S. Ethanol Market: What Does It Imply for the United States and Brazil?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(4), pages 918-932.
  2. Orden, David & Paarlberg, Robert & Roe, Terry, 1999. "Policy Reform in American Agriculture," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226632643, March.
  3. William Lin & Robert Dismukes, 2007. "Supply Response under Risk: Implications for Counter-Cyclical Payments' Production Impact," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 29(1), pages 64-86.
  4. Dumas, Christopher F. & Goodhue, Rachael E., 1999. "The Cotton Acreage Effects Of Boll Weevil Eradication: A County-Level Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(03), December.
  5. Askari, Hossein & Cummings, John Thomas, 1977. "Estimating Agricultural Supply Response with the Nerlove Model: A Survey," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 257-92, June.
  6. Rao, J. Mohan, 1989. "Agricultural supply response: A survey," Agricultural Economics, Blackwell, vol. 3(1), pages 1-22, March.
  7. Torre Ugarte, Daniel de la & Sanford, Scott & Skinner, Robert A. & Westcott, Paul C. & Lin, William W., 2000. "Supply Response Under The 1996 Farm Act And Implications For The U.S. Field Crops Sector," Technical Bulletins 33568, United States Department of Agriculture, Economic Research Service.
  8. Daniel A. Sumner, 2009. "Recent Commodity Price Movements in Historical Perspective," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1250-1256.
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Cited by:
  1. Haile, Mekbib G. & Kalkuhl, Matthias & Braun, Joachim von, 2013. "Inter-and intra-annual global crop acreage response to prices and price risk," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149695, Agricultural and Applied Economics Association.
  2. Burdine, Kenneth H. & Maynard, Leigh J., 2012. "Risk Reduction of LGM-Dairy and its Potential Impact on Production," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124180, Agricultural and Applied Economics Association.

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