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Impact of Risk Preferences on Crop Rotation Choice

Author

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  • Maynard, Leigh J.
  • Harper, Jayson K.
  • Hoffman, Lynn D.

Abstract

Stochastic dominance analysis of five crop rotations using twenty-one years of experimental yield data returned results consistent with Pennsylvania cropping practices. The analysis incorporated yield risk, output price risk, and rotational yield effects. A rotation of two years corn and three years alfalfa hay dominated for approximately risk neutral and risk averse preferences, as did participation in government programs under the 1990 Farm Bill. Crop rotation selection appeared to impact net revenues more than the decision to participate in government programs.

Suggested Citation

  • Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact of Risk Preferences on Crop Rotation Choice," Agricultural and Resource Economics Review, Cambridge University Press, vol. 26(1), pages 106-114, April.
    • Handle: RePEc:cup:agrerw:v:26:y:1997:i:01:p:106-114_00
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    Citations

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    Cited by:

    1. Blank, Steven C. & Orloff, Steve B. & Putnam, Daniel H., 2001. "Sequential Stochastic Production Decisions For A Perennial Crop: The Yield/Quality Tradeoff For Alfalfa Hay," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(1), pages 1-17, July.
    2. Gebremedhin, Berhanu & Schwab, Gerald, 1998. "The Economic Importance Of Crop Rotation Systems: Evidence From The Literature," Staff Paper Series 11690, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. John W. Ritchie & G. Yahya Abawi & Sunil C. Dutta & Trevor R. Harris & Michael Bange, 2004. "Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(1), pages 65-93, March.
    4. Liu, Xing & Lehtonen, Heikki & Purola, Tuomo & Pavlova, Yulia & Rötter, Reimund & Palosuo, Taru, 2016. "Dynamic economic modelling of crop rotations with farm management practices under future pest pressure," Agricultural Systems, Elsevier, vol. 144(C), pages 65-76.
    5. Tong, Q. & Swallow, B. & Zhang, L. & Zhang, J., 2018. "Risk Attitude, Technical Efficiency and Adoption: An Integrated Approach to Climate-Smart Rice Production in the Jianghan Plain, China," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277311, International Association of Agricultural Economists.
    6. Liu, Xing & Lehtonen, Heikki & Purola, Tuomo & Pavlova, Yulia & Rötter, Reimund & Taru, Palosuo, 2014. "Dynamic economic modelling of crop rotation with adaptation practices," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 182982, European Association of Agricultural Economists.
    7. Ritchie, John W. & Abawi, G. Yahya & Dutta, Sunil C. & Harris, Trevor R. & Bange, Michael, 2004. "Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(1), pages 1-29.

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