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Effects of Tactical Responses and Risk Aversion on Farm Wheat Supply

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  • Kingwell, Ross S.
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    Abstract

    A discrete stochastic programming model of the farming system of the eastern wheatbelt of Western Australia is used to examine the effect of tactical responses and risk aversion on wheat supply. Including within-season tactical changes to wheat areas decreases the own-price elasticity of supply. By contrast, introducing risk aversion has no consistent effect on the own-price elasticity of supply. The implications for supply models are discussed.

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    File URL: http://purl.umn.edu/12393
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    Bibliographic Info

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

    Volume (Year): 62 (1994)
    Issue (Month): 01 (April)
    Pages:

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    Handle: RePEc:ags:remaae:12393

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    Keywords: Demand and Price Analysis;

    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. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
    3. Chavas, Jean-Paul & Pope, Rulon, 1985. "Price uncertainty and competitive firm behavior: Testable hypotheses from expected utility maximization," Journal of Economics and Business, Elsevier, vol. 37(3), pages 223-235, August.
    4. Wicks, John A. & Dillon, John L., 1978. "APMAA Estimates of Supply Elasticities for Australian Wool, Beef and Wheat," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(01), April.
    5. Hall, Nigel H. & Menz, Kenneth M., 1985. "Product Supply Elasticities for the Australian Broadacre Industries, Estimated with a Programming Model," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 53(01), April.
    6. Fisher, Brian S. & Wall, Charles A., 1990. "Supply Response In The Australian Sheep Industry: A Profit Function Approach," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(02), August.
    7. S. Pandey & Roley R. Piggott & T. Gordon MacAulay, 1982. "The Elasticity Of Aggregate Australian Agricultural Supply: Estimates And Policy Implications," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 202-219, December.
    8. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1983. "Profit, Output Supply, and Input Demand Functions for Multiproduct Firms: The Case of Australian Agriculture," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 323-39, June.
    9. 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).
    10. Newbery, David M, 1989. "The Theory of Food Price Stabilisation," Economic Journal, Royal Economic Society, vol. 99(398), pages 1065-82, December.
    11. Fisher, Brian S. & Munro, Robyn G., 1983. "Supply Response In The Australian Extensive Livestock And Cropping Industries: A Study Of Intentions And Expectations," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(01), April.
    12. Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
    13. Feinerman, Eli & Choi, E. Kwan & Johnson, Stanley R., 1990. "Uncertainty and Split Nitrogen Application in Corn Production," Staff General Research Papers 10598, Iowa State University, Department of Economics.
    14. Adams, Philip D., 1988. "Some Comparisons of Recent Estimates of Agricultural Supply Elasticities for the Australian Economy," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), December.
    15. Pandey, Sushil & Piggott, Roley R. & MacAulay, T. Gordon, 1982. "The Elasticity Of Aggregate Australian Agricultural Supply: Estimates And Policy Implications," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(03), December.
    16. Adams, Philip D., 1987. "Agricultural Supply Response in ORANI," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 55(03), December.
    17. Feinerman, Eli & Kwan, E. & Johnson, Stanley R., 1990. "Uncertainty and Split Nitrogen Application in Corn Production," Staff General Research Papers 328, Iowa State University, Department of Economics.
    18. Fraser, Rob W., 1986. "Supply Responses, Risk Aversion And Covariances In Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(02-03).
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    Citations

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    Cited by:
    1. Crowe, Bronwyn & Lindner, Robert K. & Llewellyn, Rick S., 2005. "The benefits and beneficiaries of “public” investment in herbicide use research and development," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 139334, Australian Agricultural and Resource Economics Society.
    2. Brennan, D., 1998. "The impact of river access rules on dairy farm incomes: A case study of the Williams River," Agricultural Systems, Elsevier, vol. 57(4), pages 571-584, August.
    3. Kingwell, Ross, 1996. "Programming models of farm supply response: The impact of specification errors," Agricultural Systems, Elsevier, vol. 50(3), pages 307-324.
    4. Crowe, Bronwyn & Lindner, Bob & Llewellyn, Rick, 2006. "The benefits and beneficiaries of “public” investment in herbicide use research and development," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 174476, Australian Agricultural and Resource Economics Society.
    5. Crowe, Bronwyn & Lindner, Robert K. & Llewellyn, Rick S., 2006. "The Benefits and Beneficiaries of "Public" Investment in Herbicide Use Research and Development," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25330, International Association of Agricultural Economists.
    6. Mosnier, C. & Agabriel, J. & Lherm, M. & Reynaud, A., 2009. "A dynamic bio-economic model to simulate optimal adjustments of suckler cow farm management to production and market shocks in France," Agricultural Systems, Elsevier, vol. 102(1-3), pages 77-88, October.
    7. Kingwell, Ross & Farré, Imma, 2009. "Climate change impacts on investment in crop sowing machinery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(2), June.

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