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Exact Welfare Measurement for Producers under Uncertainty

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  • Douglas M. Larson

Abstract

Ex ante compensating and equivalent variations for producers under price or production uncertainty frequently can be obtained from properly specified ordinary ex ante output supply or input demand functions without assumptions about the decision maker's risk aversion. The Slutsky-Hicks equations for several common empirical specifications of the production problem under uncertainty can be integrated to obtain the compensated supplies (demands) from observed ordinary supplies (demands). Closed-form expressions for the exact welfare measures of parameter changes are derived for these cases.

Suggested Citation

  • Douglas M. Larson, 1988. "Exact Welfare Measurement for Producers under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 597-603.
    • Handle: RePEc:oup:ajagec:v:70:y:1988:i:3:p:597-603.
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    File URL: http://hdl.handle.net/10.2307/1241498
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    Cited by:

    1. Bullock, David S. & Salhofer, Klaus, 2003. "Judging agricultural policies: a survey," Agricultural Economics, Blackwell, vol. 28(3), pages 225-243, May.
    2. Bullock, David S. & Shin, Kie-Yup & Garcia, Philip, 1999. "Towards Measuring Producer Welfare Under Output Price Uncertainty And Risk Non-Neutrality," 1999 Annual meeting, August 8-11, Nashville, TN 21713, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Yacov Tsur, 1993. "A Simple Procedure to Evaluate Ex Ante Producer Welfare under Price Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(1), pages 44-51.
    4. Bullock, David S. & Garcia, Philip & Shin, Kie-Yup, 2005. "Measuring producer welfare under output price uncertainty and risk non-neutrality," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(1), pages 1-21.
    5. Arnide, Carlos A. & Grigsby, Sandin, 1991. "CALCULATlNG PROFIT NEUTRAL LAND AND PRICE POLICIES," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271070, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Tsur, Yacov & Zilberman, David, 1989. "Certainty Equivalent Prices And Producer Welfare Under Output Price Uncertainty," Staff Papers 13562, University of Minnesota, Department of Applied Economics.
    7. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535, September.
    8. Unknown, 1990. "Land Markets And Farm Incomes In Minnesota," Staff Papers 14102, University of Minnesota, Department of Applied Economics.

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