Land Allocation Under Uncertainty: An Econometric Analysis
AbstractA quantitative knowledge of the consequence of risk inherent in agricultural production and farmer's reactions to them are of considerable importance in evaluating alternative government programmes and policies directed towards stabilization of prices and income in the agricultural sector. Yet there are very few empirical studies in the Indian context; the main reason being the lack of a suitable empirically estimable model which incorporates farming risk and farmer's attitute towards it. This study is an attempt towards constructing such a model which is amenable for quantification. By utilizing expected utility framework, two-crop land allocation model is developed assuming production uncertainty and the equilibrium conditions are characterised. Using farm management three years holding data, measures of risk aversion and risk premium are estimated.
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Bibliographic InfoArticle provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 27 (1992)
Issue (Month): 1 (July)
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Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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