Cotton Production Under Risk: An Analysis Of Input Effects On Yield Variability And Factor Demand
AbstractThe risk flexible production model developed by Just and Pope is estimated for the case of cotton in CaliforniaÂ’s San Joaquin Valley and the implications of the model for factor demand are examined. Results indicate risk-reducing roles for farm machinery, labor, and fertilizers in contrast to restrictions imposed by traditional stochastic production specifications. Qualitative assessment of estimated risk effects on factor employment under risk aversion are evaluated by comparison to the risk-neutral solution.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.
Volume (Year): 06 (1981)
Issue (Month): 02 (December)
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- Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
- Lichtenberg, Erik, 2002.
"Agriculture and the environment,"
Handbook of Agricultural Economics,
in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 2, chapter 23, pages 1249-1313
- Serra, Teresa & Zilberman, David & Goodwin, Barry K. & Featherstone, Allen M., 2005. "Effects of Decoupling on the Average and the Variability of Output," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24601, European Association of Agricultural Economists.
- Sarthak Gaurav & Srijit Mishra, 2012. "To Bt or not to Bt? Risk and uncertainty considerations in technology assessment," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2012-001, Indira Gandhi Institute of Development Research, Mumbai, India.
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