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Impact Of Risk Preferences On Crop Rotation Choice

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

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.

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File URL: http://purl.umn.edu/31363
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Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 26 (1997)
Issue (Month): 1 (April)
Pages:

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Handle: RePEc:ags:arerjl:31363
Contact details of provider: Web page: http://www.narea.org/

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  1. 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.
  2. Love, Ross O. & Robison, Lindon J., 1984. "An Empirical Analysis Of The Intertemporal Stability Of Risk Preference," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 16(01), July.
  3. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
  4. McCarl, Bruce A., 1990. "Generalized Stochastic Dominance: An Empirical Examination," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(02), December.
  5. 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.
  6. 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.
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