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How can allocative inefficiency reveal risk preference? An empirical investigation on French wheat farms

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Author Info

  • Stéphane Blancard

    (CESAER, UMR INRA-ENESAD)

  • Jean-Philippe Boussemart

    ()
    (University of Lille 3, LEM-CNRS (UMR 8179), IESEG School of Management)

  • David Crainich

    (LEM-CNRS (UMR 8179), IÉSEG School of Management)

  • Hervé Leleu

    (LEM-CNRS (UMR 8179), IÉSEG School of Management)

Abstract

We focus on a simple framework on wheat producer behaviour in a context of price output uncertainty. More precisely, we establish a relationship between ex post output price level and allocative inefficiency that allows to characterize farmers’ risk preferences. Given this analysis, the connection between risk aversion and other socioeconomic variables (such as degree of output specialisation, total asset, debts, farmer’s age…) can furthermore empirically be explored. This relationship is empirically tested on an unbalanced panel including about 650 wheat producers located in the French Department of Meuse over 1992-2003.

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Bibliographic Info

Paper provided by IESEG School of Management in its series Working Papers with number 2008-ECO-02.

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Length: 16 pages
Date of creation: May 2008
Date of revision:
Handle: RePEc:ies:wpaper:e200802

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Keywords: producer behaviour; price uncertainty; allocative inefficiency; risk aversion; agriculture;

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  1. Moschini, GianCarlo & Hennessy, David A., 2001. "Uncertainty, Risk Aversion, and Risk Management for Agricultural Producers," Staff General Research Papers, Iowa State University, Department of Economics 5323, Iowa State University, Department of Economics.
  2. Subal C. Kumbhakar, 2002. "Risk preference and productivity measurement under output price uncertainty," Empirical Economics, Springer, Springer, vol. 27(3), pages 461-472.
  3. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, Elsevier, vol. 7(1), pages 67-86, February.
  4. Chambers, Robert G. & Chung, Yangho & Fare, Rolf, 1996. "Benefit and Distance Functions," Journal of Economic Theory, Elsevier, Elsevier, vol. 70(2), pages 407-419, August.
  5. Robert G. Chambers & John Quiggin, 2002. "The State-Contingent Properties of Stochastic Production Functions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 84(2), pages 513-526.
  6. Shahabuddin, Quazi & Mestelman, Stuart & Feeny, David, 1986. "Peasant Behaviour towards Risk and Socio-Economic and Structural Characteristics of Farm Households in Bangladesh," Oxford Economic Papers, Oxford University Press, vol. 38(1), pages 122-30, March.
  7. repec:feb:artefa:0008 is not listed on IDEAS
  8. Chambers, Robert G, 1983. "Scale and Productivity Measurement under Risk," American Economic Review, American Economic Association, American Economic Association, vol. 73(4), pages 802-05, September.
  9. Sandmo, Agnar, 1971. "On the Theory of the Competitive Firm under Price Uncertainty," American Economic Review, American Economic Association, American Economic Association, vol. 61(1), pages 65-73, March.
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