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Optimal Grazing Pressure Under Output Price And Production Uncertainty With Alternative Functional Forms

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  • Kaitibie, Simeon
  • Nganje, William E.
  • Brorsen, B. Wade
  • Epplin, Francis M.

Abstract

This study uses a Cox parametric bootstrap test to select between two specifications of the von Liebig hypothesis, a switching regression model and a non-linear mixed stochastic plateau function. The selected production function was used to determine optimal stocking density for dual-purpose winter wheat, under production and output price uncertainty. The switching regression approach was rejected in favor of the non-linear mixed stochastic plateau function. The relatively small difference in optimal stocking density between risk aversion and risk neutrality suggests that risk-aversion is much less important in explaining producer response to uncertainty than is nonlinearity in the production function.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number 22020.

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Date of creation: 2003
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Handle: RePEc:ags:aaea03:22020

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Keywords: Agribusiness;

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  1. Hashem Pesaran, M. & Pesaran, Bahram, 1993. "A simulation approach to the problem of computing Cox's statistic for testing nonnested models," Journal of Econometrics, Elsevier, vol. 57(1-3), pages 377-392.
  2. Murat Isik, 2002. "Resource Management under Production and Output Price Uncertainty: Implications for Environmental Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(3), pages 557-571.
  3. Robert G. Chambers & Erik Lichtenberg, 1996. "A Nonparametric Approach to the von Liebig-Paris Technology," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 373-386.
  4. Robert G. Chambers & John Quiggin, 2001. "Decomposing Input Adjustments under Price and Production Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(1), pages 20-34.
  5. Russell Davidson & James G. MacKinnon, 1980. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Working Papers 378, Queen's University, Department of Economics.
  6. Li, Jau-Rong & Barrett, Christopher B., 1999. "Distinguishing Between Equilibrium And Integration In Markets Analysis," Working Papers 14607, International Agricultural Trade Research Consortium.
  7. Maddala, G S & Nelson, Forrest D, 1974. "Maximum Likelihood Methods for Models of Markets in Disequilibrium," Econometrica, Econometric Society, vol. 42(6), pages 1013-30, November.
  8. N. Coulibaly & B. Wade Brorsen, 1999. "Monte carlo sampling approach to testing nonnested hypothesis: monte carlo results," Econometric Reviews, Taylor & Francis Journals, vol. 18(2), pages 195-209.
  9. Dameus, Alix & Brorsen, B. Wade & Sukhdial, Kullapapruk Piewthongngam & Richter, Francisca G.-C., 2001. "Aids Versus Rotterdam: A Cox Nonnested Test With Parametric Bootstrap," 2001 Annual meeting, August 5-8, Chicago, IL 20453, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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