A Comparison Of Subjective And Historical Crop Yield Probability Distributions
AbstractForecast distributions based on historical yields and subjective expectations for 1987 expected crop yields were compared for 90 Western Kentucky grain farms. Different subjective probability elicitation techniques were also compared. In many individual cases, results indicate large differences between subjective and empirical moments. Overall, farmer expectations for 1987 corn yields were below those predicted from their past yields, while soybean expectations were above the historical forecast. Geographical location plays a larger role than crop in comparisons of relative variability of yield. Neither elicitation technique nor manager characteristics have significant effects on the comparisons of the forecasts.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.
Volume (Year): 24 (1992)
Issue (Month): 02 (December)
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- Clop-Gallart, M. Merce & Juarez-Rubio, Francisco, 2008. "Shape Persistence in Elicited Subjective Crop Yield Probability Density Functions," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44128, European Association of Agricultural Economists.
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- Zanini, Fabio C. & Irwin, Scott H. & Schnitkey, Gary D. & Sherrick, Bruce J., 2000. "Estimating Farm-Level Yield Distributions For Corn And Soybeans In Illinois," 2000 Annual meeting, July 30-August 2, Tampa, FL 21720, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Egelkraut, Thorsten M. & Garcia, Philip & Pennings, Joost M.E. & Sherrick, Bruce J., 2006. "Producers' Yield and Yield Risk: Perceptions versus Reality and Crop Insurance Use," 2006 Annual meeting, July 23-26, Long Beach, CA 21369, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Clop-Gallart, M. Merce & Juarez-Rubio, Francisco, 2005. "Elicitation of Subjective Crop Yield PDF for DSS Implementation," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24561, European Association of Agricultural Economists.
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