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Supply Response To Risk: The Case Of U.S. Pinto Beans

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  • Ryan, Timothy J.

Abstract

A standard model of behavior under uncertainty is used to suggest price risk variables for use in a positive supply study. The suggested variables are intuitively appealing and empirically tested on Pinto bean data. Linearity is assumed and O.L.S. used. The empirical results show that the risk variables greatly improve the statistical fit of the supply equation, are quantitatively important and that a substantial bias occurs if they are neglected. Policy initiatives to reduce Pinto bean price fluctuations need to consider the risk reducing effects on the supply response.

Suggested Citation

  • Ryan, Timothy J., 1977. "Supply Response To Risk: The Case Of U.S. Pinto Beans," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 2, pages 1-10, December.
    • Handle: RePEc:ags:wjagec:32335
    DOI: 10.22004/ag.econ.32335
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    References listed on IDEAS

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    1. Richard E. Just, 1974. "An Investigation of the Importance of Risk in Farmers' Decisions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 14-25.
    2. P. B. R. Hazell & P. L. Scandizzo, 1974. "Competitive Demand Structures under Risk in Agricultural Linear Programming Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(2), pages 235-244.
    3. Just, Richard E., 1974. "Econometric Analysis of Production Decisions with Government Intervention: The Case of the California Field Crops," Monographs, University of California, Davis, Giannini Foundation, number 251950, December.
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    2. Jeon, Jong-Pyeong, 1989. "The impacts of policy alternatives and foreign demand fluctuations on the US rice market," ISU General Staff Papers 1989010108000010204, Iowa State University, Department of Economics.
    3. Bahareh Mosadegh Sedghy & Rémy Lambert & Lota Dabio Tamini, 2016. "Supply response of corn farmers in Quebec: Analyzing the impact of prices volatility?," Cahiers de recherche CREATE 2016-1, CREATE.
    4. Tsai, Grace Yueh-Hsiang, 1989. "A dynamic model of the U.S. cotton market with rational expectations," ISU General Staff Papers 1989010108000012168, Iowa State University, Department of Economics.
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    6. Langley, James A., 1983. "Regional acreage response functions for major US field crops: estimation and policy implications," ISU General Staff Papers 198301010800008678, Iowa State University, Department of Economics.

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