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Geographical Diversification in Agriculture: An Applied Case to Western U.S. Wheat Growers

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  • Larsen, Ryan A.
  • Mjelde, James W.
  • Klinefelter, Danny A.
  • Wolfley, Jared L.
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    Abstract

    Yield correlations between 380 different counties are calculated for non-irrigated wheat. Using this data, a function is estimated that shows the relationship between correlation and changes in geographic and climate data. In addition movement variables are included added to the specification to capture the impact of moving from one production region to another. A negative relationship was found between changes in latitude, longitude, precipitation, elevation, and temperature. Correlations and longitude and precipitation showed downward sloping concave relationship, whereas correlations and latitude showed downward sloping convex relationships. Changes in latitude and longitude are found to have greatest impact on correlation with elasticities of -1.54 and -1.

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    Bibliographic Info

    Paper provided by Southern Agricultural Economics Association in its series 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia with number 46819.

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    Date of creation: 2009
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    Handle: RePEc:ags:saeana:46819

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    Related research

    Keywords: Yield Correlations; Geographical Diversification; Farm Management; Agribusiness; Crop Production/Industries; Farm Management; Risk and Uncertainty;

    This paper has been announced in the following NEP Reports:

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    1. Escalante, Cesar L. & Barry, Peter J., 2001. "Risk Balancing In An Integrated Farm Risk Management Plan," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(03), December.
    2. T. Jeffrey Price & Michael E. Wetzstein & Mark W. Rieger, 1997. "Reducing Yield Variation in Peach Orchards by Geographic Scattering," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1119-1126.
    3. Ehling, Paul & Ramos, Sofia Brito, 2005. "Geographic versus industry diversification: constraints matter," Working Paper Series 0425, European Central Bank.
    4. Mishra, Ashok K. & Lence, Sergio H., 2005. "Risk Management by Farmers, Agribusinesses, and Lenders," Staff General Research Papers 12607, Iowa State University, Department of Economics.
    5. Moschini, GianCarlo & Hennessy, David A., 2001. "Uncertainty, Risk Aversion, and Risk Management for Agricultural Producers," Staff General Research Papers 5323, Iowa State University, Department of Economics.
    6. Allen M. Featherstone & Gregory A. Ibendahl & J. Randy Winter & Aslihan Spaulding, 2005. "Farm financial structure," Agricultural Finance Review, Emerald Group Publishing, vol. 65(2), pages 97-117, July.
    7. Mishra, Ashok K. & El-Osta, Hisham S., 2002. "Risk Management Through Enterprise Diversification: A Farm-Level Analysis," 2002 Annual meeting, July 28-31, Long Beach, CA 19711, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. repec:jaa:jagape:v:33:y:2001:i:3:p:413-429 is not listed on IDEAS
    9. Harwood, Joy L. & Heifner, Richard G. & Coble, Keith H. & Perry, Janet E. & Somwaru, Agapi, 1999. "Managing Risk in Farming: Concepts, Research, and Analysis," Agricultural Economics Reports 34081, United States Department of Agriculture, Economic Research Service.
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