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Impact Of Risk Preferences On Crop Rotation Choice

Author

Listed:
  • Maynard, Leigh J.
  • Harper, Jayson K.
  • Hoffman, Lynn D.

Abstract

Stochastic dominance analysis of five crop rotations using twenty-one years of experimental yield data returned results consistent with Pennsylvania cropping practices. The analysis incorporated yield risk, output price risk, and rotational yield effects. A rotation of two years corn and three years alfalfa hay dominated for approximately risk neutral and risk averse preferences, as did participation in government programs under the 1990 Farm Bill. Crop rotation selection appeared to impact net revenues more than the decision to participate in government programs.

Suggested Citation

  • Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact Of Risk Preferences On Crop Rotation Choice," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(1), April.
  • Handle: RePEc:ags:arerjl:31363
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    File URL: http://purl.umn.edu/31363
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    References listed on IDEAS

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    1. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    2. John S. Hammond, III, 1974. "Simplifying the Choice between Uncertain Prospects Where Preference is Nonlinear," Management Science, INFORMS, vol. 20(7), pages 1047-1072, March.
    3. Novak, James L. & Mitchell, Charles C., Jr. & Crews, Jerry R., 1990. "Risk And Sustainable Agriculture: A Target-Motad Analysis Of The 92-Year "Old Rotation"," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(01), July.
    4. Jeffery R. Williams & Gordon L. Carriker & G. Art Barnaby & Jayson K. Harper, 1993. "Crop Insurance and Disaster Assistance Designs for Wheat and Grain Sorghum," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 435-447.
    5. McCarl, Bruce A., 1990. "Generalized Stochastic Dominance: An Empirical Examination," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(02), December.
    6. Love, Ross O. & Robison, Lindon J., 1984. "An Empirical Analysis of the Intertemporal Stability of Risk Preference," Journal of Agricultural and Applied Economics, Cambridge University Press, pages 159-166.
    7. Wilson, Paul N. & Eidman, Vernon R., 1983. "An Empirical Test Of The Interval Approach For Estimating Risk Preferences," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(02), December.
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    Citations

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    Cited by:

    1. Blank, Steven C. & Orloff, Steve B. & Putnam, Daniel H., 2001. "Sequential Stochastic Production Decisions For A Perennial Crop: The Yield/Quality Tradeoff For Alfalfa Hay," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(01), July.
    2. repec:oup:revage:v:26:y:2004:i:4:p:552-562. is not listed on IDEAS
    3. Gebremedhin, Berhanu & Schwab, Gerald, 1998. "The Economic Importance Of Crop Rotation Systems: Evidence From The Literature," Staff Papers 11690, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    4. Liu, Xing & Lehtonen, Heikki & Purola, Tuomo & Pavlova, Yulia & Rötter, Reimund & Taru, Palosuo, 2014. "Dynamic economic modelling of crop rotation with adaptation practices," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 182982, European Association of Agricultural Economists.
    5. Gebremedhin, Berhanu & Schwab, Gerald & Harwood, Richard R. & Christenson, Donald & Bricker, Calvin, 1998. "A Stochastic Dominance Analysis Of Alternative Sugar Beet- And Navy Bean- Based Crop Rotations In Michigan," Staff Papers 11509, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    6. Ritchie, John W. & Abawi, G. Yahya & Dutta, Sunil C. & Harris, Trevor R. & Bange, Michael, 2004. "Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(1), March.

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