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A dynamic dual model under state-contingent production uncertainty

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  • Teresa Serra
  • Spiro Stefanou
  • Alfons Oude Lansink

Abstract

In this paper, we assess how production costs and capital accumulation patterns in agriculture have evolved over time, by paying special attention to the influence of risk. A dynamic state-contingent cost-minimisation approach is applied to assess production decisions in US agriculture over the last century. Results suggest the relevance of allowing for the stochastic nature of the production function which permits to capture both the differences in the costs of producing under different states of nature and the differences in the evolution of these costs over time, as well as the differential impacts of different states of nature on investment decisions. Oxford University Press and Foundation for the European Review of Agricultural Economics 2010; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/erae/jbq021
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Bibliographic Info

Article provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.

Volume (Year): 37 (2010)
Issue (Month): 3 (September)
Pages: 293-312

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Handle: RePEc:oup:erevae:v:37:y:2010:i:3:p:293-312

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  1. Chris O'Donnell & W.E. Griffiths, 2004. "Estimating State-Contingent Production Frontiers," CEPA Working Papers Series WP022004, School of Economics, University of Queensland, Australia.
  2. Yir-Hueih Luh & Spiro E. Stefanou, 1996. "Estimating Dynamic Dual Models under Nonstatic Expectations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(4), pages 991-1003.
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Cited by:
  1. Celine Nauges & Chris O'Donnell & John Quiggin, 2010. "Uncertainty and technical efficiency in Finnish agriculture: a state-contingent approach," Risk & Uncertainty Working Papers WPR10_2, Risk and Sustainable Management Group, University of Queensland.
  2. Moro, Daniele & Sckokai, Paolo, 2013. "The impact of decoupled payments on farm choices: Conceptual and methodological challenges," Food Policy, Elsevier, vol. 41(C), pages 28-38.

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