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Microeconomic Effects Of Reduced Yield Variability Cultivars Of Soybeans And Wheat

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  • Dillon, Carl R.
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    Abstract

    Economic analysis was conducted on hypothetical agronomic research on new crop cultivars for Arkansas dryland soybean and wheat producers. In relation to farmersÂ’ attitudes toward risk, the microeconomic effects and level of adoption of yield variability reducing cultivars were analyzed utilizing a production management decision-making model formulated with mathematical programming techniques. The study indicated that negative covariance between crops continues to be an effective means of reducing production risk associated with yield variability. However, under varying circumstances, agronomic research on the breeding of new soybean and wheat cultivars with reduced yield variability is worthwhile if there is only slight concurrent reduction in expected yields.

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    Bibliographic Info

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

    Volume (Year): 24 (1992)
    Issue (Month): 01 (July)
    Pages:

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    Handle: RePEc:ags:sojoae:30381

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    Web page: http://www.saea.org/jaae/jaae.htm
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    Keywords: Crop Production/Industries;

    References

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    1. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    2. Martinez, Stephen W. & Norton, George W., 1986. "Evaluating Privately Funded Public Research: An Example With Poultry And Eggs," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(01), July.
    3. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June.
    4. Kennedy, John O.S., 1981. "Applications of Dynamic Programming to Agriculture, Forestry and Fisheries: Review and Prognosis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 49(03), December.
    5. McCarl, Bruce A., 1984. "Model Validation: An Overview with some Emphasis on Risk Models," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 52(03), December.
    6. Dillon, Carl R. & Mjelde, James W. & McCarl, Bruce A., 1989. "Biophysical Simulation In Support Of Crop Production Decisions: A Case Study In The Blacklands Region Of Texas," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(01), July.
    7. McCarl, Bruce A. & Bessler, David A., 1989. "Estimating An Upper Bound On The Pratt Risk A Version Coefficient When The Utility Function Is Unknown," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 33(01), April.
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    Cited by:
    1. Kanakasabai, Murali & Dillon, Carl R. & Skees, Jerry R., 2001. "Microeconomic Evaluation Of Farm Risk Management Decisions In Kentucky," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36178, Western Agricultural Economics Association.
    2. Salim, Juma K. & Dillon, Carl R., 2007. "Precision Feeding in Dairy Ration Cost Minimization Under Producer's Risk Management," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34925, Southern Agricultural Economics Association.

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