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Stochastic Efficiency versus Mean-Variance Criteria as Predictors of Adoption of Reduced Tillage

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  • John Lee
  • Deborah J. Brown
  • Stephen Lovejoy

Abstract

Costs and benefits of conservation programs depend on the fraction of participants adopting a practice. Under risk, it is not clear whether predictions of adoption should be based on adoption's effect on the farmers' entire income distribution or only on its mean and variance. It is also unclear whether one must elicit the farmer's subjective beliefs about the effect on his income distribution or whether some "objective" distribution can be used. This paper describes how well mean-variance and stochastic efficiency criteria predicted adoption of a reduced tillage practice in a watershed in central Indiana when applied to "objective" and "subjective" income distributions.

Suggested Citation

  • John Lee & Deborah J. Brown & Stephen Lovejoy, 1985. "Stochastic Efficiency versus Mean-Variance Criteria as Predictors of Adoption of Reduced Tillage," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 839-845.
    • Handle: RePEc:oup:ajagec:v:67:y:1985:i:4:p:839-845.
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    File URL: http://hdl.handle.net/10.2307/1241824
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    Citations

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    Cited by:

    1. Drynan, Ross G., 1986. "A Note On Optimal Rules For Stochastic Efficiency Analysis," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(1), pages 1-10, April.
    2. Pope, Rulon D., 1987. "Where Do We Go From Here In Risk Analysis For Policy Formation?," Regional Research Projects > 1987: S-180 Annual Meeting, March 22-25, 1987, San Antonio, Texas 272772, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    3. Bruce A. McCarl & David A. Bessler, 1989. "Estimating An Upper Bound On The Pratt Risk A Version Coefficient When The Utility Function Is Unknown," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 33(1), pages 56-63, April.
    4. McCarl, Bruce A., 1988. "Preference Among Risky Prospects Under Constant Risk Aversion," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 25-34, December.
    5. Cochran, Mark J., 1986. "Stochastic Dominance: The State Of The Art In Agricultural Economics," Regional Research Projects > 1986: S-180 Annual Meeting, March 23-26, 1986, Tampa, Florida 271995, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    6. Scott Johnson, C. & Foster, Kenneth A., 1994. "Risk Preferences and Contracting In the U.S. Hog Industry," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 26(2), pages 393-405, December.
    7. Norris, Patricia E. & Kramer, Randall A., 1990. "The Elicitation of Subjective Probabilities with Applications in Agricultural Economics," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 58(02-03), pages 1-21, December.
    8. Franco Rosa & Mario Taverna & Federico Nassivera & Luca Iseppi, 2019. "Farm/crop portfolio simulations under variable risk: a case study from Italy," Agricultural and Food Economics, Springer;Italian Society of Agricultural Economics (SIDEA), vol. 7(1), pages 1-15, December.
    9. Hartell, Jason G., 2004. "Pricing Benefit Externalities of Soil Carbon Sequestration in Multifunctional Agriculture," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(2), pages 1-15, August.
    10. Reid, Donald W. & Tew, Bernard V., 1987. "An Evaluation Of Expected Value And Expected Value-Variance Criteria In Achieving Risk Efficiency In Crop Selection," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(2), pages 1-9, October.
    11. Mapp, Harry P., 1986. "Innovations And Programming Techniques For Risk Analysis: Discussion," Regional Research Projects > 1986: S-180 Annual Meeting, March 23-26, 1986, Tampa, Florida 271994, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    12. Eihab M. Fathelrahman & James C. Ascough II & Dana L. Hoag & Robert W. Malone & Philip Heilman & Lori J. Wiles & Ramesh S. Kanwar, 2011. "Continuum of Risk Analysis Methods to Assess Tillage System Sustainability at the Experimental Plot Level," Sustainability, MDPI, vol. 3(7), pages 1-29, July.

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