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Risk, Diversification, and Vegetables as an Alternative Crop for Midwestern Agriculture

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  • Mark R. Weimar
  • Arne Hallam

Abstract

A quasi-spatial substitution model is developed to investigate the opportunities for Iowa to substitute local vegetable production for that of current distant suppliers. This quasi-spatial equilibrium approach determines not only if crops can be grown profitably at current prices, but whether they would remain profitable after equilibrium price adjustments. Thirteen fresh vegetable crops are studied as alternatives to current row crops such as corn and soybeans. The results indicate that although more than half of these crops could be grown profitably within the state of Iowa, they would replace only about 3,900 acres of current corn and soybean acreage.

Suggested Citation

  • Mark R. Weimar & Arne Hallam, 1988. "Risk, Diversification, and Vegetables as an Alternative Crop for Midwestern Agriculture," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 10(1), pages 75-89.
    • Handle: RePEc:oup:revage:v:10:y:1988:i:1:p:75-89.
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    File URL: http://hdl.handle.net/10.1093/ajae/10.1.75
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    Cited by:

    1. Lambert, David K. & McCarl, Bruce A. & He, Quifen & Kaylen, Michael S. & Rosenthal, Wesley & Chang, Ching-Cheng & Nayda, W.I., 1995. "Uncertain Yields In Sectoral Welfare Analysis: An Application To Global Warming," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(2), pages 1-14, December.
    2. Steven C. Blank, 2002. "A Portfolio Of Threats To American Agriculture," Contemporary Economic Policy, Western Economic Association International, vol. 20(4), pages 381-393, October.
    3. Blank, Steven C., 1991. "The Robustness Of Single Index Models In Crop Markets: A Multiple Index Model Test," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(2), pages 1-9, December.
    4. Blank, Steven C., 1990. "Returns To Limited Crop Diversification," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 15(2), pages 1-9, December.
    5. Chien, Ming-Che & Leatham, David J., 1994. "The Value Of Planting Flexibility Provisions In The 1990 Farm Bill To Three Representative Texas Farms," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 26(1), pages 1-10, July.

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