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Technological and financial approaches to risk management in agriculture: an integrate approach

  • Chambers, Robert G.
  • Quiggin, John C.

In the present paper, risk‐management problems where farmers manage risk both through production decisions and through the use of market‐based and informal risk‐management mechanisms are considered. It is shown that many of these problems share a common structure, and that a unified and informative treatment of a broad spectrum of risk‐management tools is possible within a cost‐minimisation framework, under minimal conditions on their objective functions. Fundamental results are derived that apply regardless of the producer's preference towards risks, using only the no‐arbitrage condition that agricultural producers never forego any opportunity to lower costs without lowering returns.

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File URL: http://purl.umn.edu/117960
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Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 48 (2004)
Issue (Month): 2 (June)
Pages:

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Handle: RePEc:ags:aareaj:117960
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  1. John C. Quiggin, 1986. "A Note On The Viability Of Rainfall Insurance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 30(1), pages 63-69, 04.
  2. Chambers, Robert G. & Quiggin, John C., 2002. "Resource Allocation And Asset Pricing," Working Papers 28571, University of Maryland, Department of Agricultural and Resource Economics.
  3. Robert G. Chambers & John Quiggin, 2002. "Optimal Producer Behavior in the Presence of Area-Yield Crop Insurance," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(2), pages 320-334.
  4. Bardsley, Peter & Abey, Arun & Davenport, Scott V., 1984. "The Economics Of Insuring Crops Against Drought," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 28(01), April.
  5. repec:cup:cbooks:9780521622448 is not listed on IDEAS
  6. Chris Robinson & Pat J. McMahon & John C. Quiggin, 1982. "Labour Supply And Off‐Farm Work By Farmers: Theory And Estimation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(1), pages 23-38, 04.
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