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Production Risk And Input Use: Pastoral Zone Of Eastern Australia

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  • Jock R. Anderson
  • William E. Griffiths

Abstract

Few attempts have been made to estimate production functions for the Australian grazing industries. The question of the nature of the effect of input levels on production risk has been broached even more rarely. Previous investigators had to employ models and methods of estimation which embody highly restrictive implicit assumptions about the nature of risk effects. A typical restrictive feature has been the implication that increasing input intensity leads to increasing risk. In this paper, a much less restrictive model and corresponding estimation techniques are brought to bear on individual farm data for 38 properties with 10 continuous years of production records. Perhaps not surprisingly, it is found that some inputs (especially those capital inputs which might normally be thought of as increasing the safety of production) tend to reduce risk.

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File URL: http://hdl.handle.net/10.1111/j.1467-8489.1981.tb00392.x
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 25 (1981)
Issue (Month): 2 (08)
Pages: 149-159

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Handle: RePEc:bla:ajarec:v:25:y:1981:i:2:p:149-159

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References

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  1. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1980. "Input Demand and Substitution in the Australian Sheep Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), August.
  2. J.H. Duloy, 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 75-85, December.
  3. Rulon D. Pope & Richard E. Just, 1977. "On The Competitive Firm Under Production Uncertainty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 21(2), pages 111-118, 08.
  4. Anderson, Jock R., 1972. "Risk And Farm Size In The Pastoral Zone," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 16(01), April.
  5. Fuller, Wayne A. & Battese, George E., 1974. "Estimation of linear models with crossed-error structure," Journal of Econometrics, Elsevier, vol. 2(1), pages 67-78, May.
  6. Duloy, J.H., 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 3(02), December.
  7. Blair, Roger D. & Lusky, Rafael, 1975. "A note on the influence of uncertainty on estimation of production function models," Journal of Econometrics, Elsevier, vol. 3(4), pages 391-394, November.
  8. 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.
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Cited by:
  1. Gallacher, Marcos, 1995. "The management factor in developing-country agriculture: Argentina," Agricultural Systems, Elsevier, vol. 47(1), pages 25-38.
  2. Nolan, Elizabeth & Santos, Paulo, 2012. "Insurance premiums and GM traits," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 125942, International Association of Agricultural Economists.
  3. William E. Griffiths, 1986. "A Bayesian Framework For Optimal Input Allocation With An Uncertain Stochastic Production Function," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 30(2-3), pages 128-152, 08-12.
  4. Svend Rasmussen, 2003. "Criteria for optimal production under uncertainty. The state-contingent approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(4), pages 447-476, December.
  5. Wall, Charles A. & Fisher, Brian S., 1988. "Supply Response and the Theory of Production and Profit Functions," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), December.
  6. Abedullah & Mubaraik Ali, 2006. "Quantifying the Extent and Nature of Risk in Alternative Cropping Patterns in Claveria, Philippines," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 261-280.
  7. Abedullah & Pandey, Sushil, 2004. "Risk and Fertilizer Use in the Rainfed Rice Ecosystem of Tarlac, Philippines," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(01), April.

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