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Endogenous risk in weed control management

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  • Archer, David W.
  • Shogren, Jason F.

Abstract

Weed control decisions are modeled in an endogenous risk framework where a producer invests in self-insurance and self-protection to reduce the severity of a realized pest infestation, or reduce the likelihood the infestation occurs. Self-insurance and self-protection are risk-reducing technologies that capture both the type and quantity of herbicides used. We supply conditions to unambiguously sign the effects of an increase in the probability of application or effectiveness failure and increased application or effectiveness uncertainty on optimal herbicide choices. If self-protection and self-insurance are stochastic substitutes, non-point source pollution policies targeted to reduce herbicide loadings can increase the use of more persistent herbicides. Policies that decrease loadings by reducing total mass may induce a substitution to herbicides more damaging or more likely to be transported to sensitive areas.

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Bibliographic Info

Article provided by Blackwell in its journal Agricultural Economics.

Volume (Year): 14 (1996)
Issue (Month): 2 (July)
Pages: 103-122

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Handle: RePEc:eee:agecon:v:14:y:1996:i:2:p:103-122

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References

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  1. Babcock, Bruce A. & Shogren, Jason F., 1995. "Cost of Agricultural Production Risk (The)," Staff General Research Papers 5014, Iowa State University, Department of Economics.
  2. Shogren, Jason F. & Crocker, Thomas D., 1991. "Risk, Self-Protection, and Ex Ante Economic Value," Staff General Research Papers 334, Iowa State University, Department of Economics.
  3. Babcock, Bruce A. & Shogren, Jason F., 1995. "The cost of agricultural production risk," Agricultural Economics, Blackwell, vol. 12(2), pages 141-150, August.
  4. Pannell, David J., 1991. "Pests and pesticides, risk and risk aversion," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 5(4), August.
  5. Dionne, Georges & Eeckhoudt, Louis, 1985. "Self-insurance, self-protection and increased risk aversion," Economics Letters, Elsevier, vol. 17(1-2), pages 39-42.
  6. J. Pannell, David, 1991. "Pests and pesticides, risk and risk aversion," Agricultural Economics, Blackwell, vol. 5(4), pages 361-383, August.
  7. Bouzaher, Aziz & Cabe, Richard & Johnson, Stanley R. & Manale, Andrew & Shogren, Jason F., 1995. "Ceepes: An Evolving System for Agroenvironmental Policy," Staff General Research Papers 850, Iowa State University, Department of Economics.
  8. Yang-Ming Chang & Issac Ehrlich, 1985. "Insurance, Protection from Risk, and Risk-bearing," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 574-86, August.
  9. Bouzaher, Aziz & Archer, David & Cabe, Richard & Carriquiry, Alicia L. & Shogren, Jason F., 1992. "Effects of Environmental Policy on Trade-Offs in Agri-Chemical Management," Staff General Research Papers 565, Iowa State University, Department of Economics.
  10. Taylor, C. Robert & Penson, John B., Jr. & Smith, Edward G. & Knutson, Ronald D., 1991. "Economic Impacts Of Chemical Use Reduction On The South," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 23(01), July.
  11. Marcel Boyer & Georges Dionne, 1983. "Variations in the Probability and Magnitude of Loss: Their Impact on Risk," Canadian Journal of Economics, Canadian Economics Association, vol. 16(3), pages 411-19, August.
  12. Ehrlich, Isaac & Becker, Gary S, 1972. "Market Insurance, Self-Insurance, and Self-Protection," Journal of Political Economy, University of Chicago Press, vol. 80(4), pages 623-48, July-Aug..
  13. Richardson, James W. & Smith, Edward G. & Knutson, Ronald D. & Outlaw, Joe L., 1991. "Farm Level Impacts Of Reduced Chemical Use On Southern Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 23(01), July.
  14. D. J. Pannell, 1990. "Responses To Risk In Weed Control Decisions Under Expected Profit Maximisation," Journal of Agricultural Economics, Wiley Blackwell, vol. 41(3), pages 391-401.
  15. David W. Archer & Jason F. Shogren, 1994. "Nonpoint Pollution, Weeds And Risk," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(1), pages 38-51.
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Citations

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Cited by:
  1. Mitchell, Paul D., 2001. "Additive Versus Proportional Pest Damage Functions: Why Ecology Matters," 2001 Annual meeting, August 5-8, Chicago, IL 20775, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Finnoff, David & Shogren, Jason F. & Leung, Brian & Lodge, David, 2005. "The importance of bioeconomic feedback in invasive species management," Ecological Economics, Elsevier, vol. 52(3), pages 367-381, February.
  3. Sims, Charles & Finnoff, David, 2013. "When is a “wait and see” approach to invasive species justified?," Resource and Energy Economics, Elsevier, vol. 35(3), pages 235-255.
  4. Shogren, Jason F. & Crocker, Thomas D., 1999. "Risk and Its Consequences," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 44-51, January.
  5. Hurley, Terrance M. & Shogren, Jason F., 1998. "Effort levels in a Cournot Nash contest with asymmetric information," Journal of Public Economics, Elsevier, vol. 69(2), pages 195-210, June.
  6. Finnoff, David & Potapov, Alexei & Lewis, Mark A., 2010. "Control and the management of a spreading invader," Resource and Energy Economics, Elsevier, vol. 32(4), pages 534-550, November.
  7. Archer, David W. & Shogren, Jason F., 2001. "Risk-indexed herbicide taxes to reduce ground and surface water pollution: an integrated ecological economics evaluation," Ecological Economics, Elsevier, vol. 38(2), pages 227-250, August.

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