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A Cost Approach to Economic Analysis Under State-Contingent Production Uncertainty

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Author Info
Jean-Paul Chavas

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Abstract

This article explores the economics of input decision under production uncertainty. The article develops a methodology to specify and estimate cost-minimizing input decisions under a state-contingent technology. The analysis is applied to time series data on U.S. agriculture. It finds strong empirical evidence that expected output alone does not provide an appropriate representation of production uncertainty. The results provide empirical support for an output-cubical technology. This indicates that an "ex post" analysis of stochastic technology appears appropriate. The analysis also provides evidence that the cost of facing production risk has declined in U.S. agriculture over the last few decades. Copyright ©2007 American Agricultural Economics Association.

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

Volume (Year): 90 (2008)
Issue (Month): 2 (05)
Pages: 435-446
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Handle: RePEc:bla:ajagec:v:90:y:2008:i:2:p:435-446

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  1. Tveteras, R. & Flaten, O. & Lien, G., 2008. "Production risk in multi-output industries: estimates from Norwegian dairy farms," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43958, European Association of Agricultural Economists. [Downloadable!]
  2. Nauges, Celine & O'Donnell, Christopher & Quiggin, John, 2009. "Uncertainty and technical efficiency in Finnish Agriculture," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 48062, Australian Agricultural and Resource Economics Society. [Downloadable!]
  3. Jeffrey LaFrance & Rulon Pope, 2008. "Duality Theory for Variable Costs in Joint Production," Working Papers 2009-02, School of Economic Sciences, Washington State University. [Downloadable!]
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This page was last updated on 2009-12-24.

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