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Stochastic Dominance in Wheat Variety Development and Release Strategies

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  • Dahl, Bruce L.
  • Wilson, William W.
  • Nganje, William E.

Abstract

Variety development and release decisions involve tradeoffs between yields and characteristics valued by end-users, as well as uncertainties about agronomic, quality, and economic variables. In this study, methods are developed to determine the value of varieties to growers and end-users including the effects of variability in economic, agronomic, and quality variables. The application is to hard red spring (HRS) wheat, a class of wheat for which these tradeoffs and risks are particularly apparent. Results indicate two experimental varieties provide improvements in grower and end-user value, relative to incumbents. Stochastic dominance techniques and statistical tests are applied to determine efficient sets and robustness of the results. A risk-adjusted portfolio model, which simultaneously incorporates correlations between grower and end-use characteristics, is also developed to compare the portfolio value of varieties.

Suggested Citation

  • Dahl, Bruce L. & Wilson, William W. & Nganje, William E., 2004. "Stochastic Dominance in Wheat Variety Development and Release Strategies," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(1), pages 1-18, April.
  • Handle: RePEc:ags:jlaare:31141
    DOI: 10.22004/ag.econ.31141
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    File URL: http://ageconsearch.umn.edu/record/31141/files/29010094.pdf
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    1. Y.K. Tse & Xibin Zhang, 2003. "A Monte Carlo Investigation of Some Tests for Stochastic Dominance," Monash Econometrics and Business Statistics Working Papers 7/03, Monash University, Department of Econometrics and Business Statistics.
    2. Wilson, William W. & Dahl, Bruce L., 2001. "Evaluation Of Changes In Grade Specifications For Dockage In Wheat," Agribusiness & Applied Economics Report 23624, North Dakota State University, Department of Agribusiness and Applied Economics.
    3. Robinson, Stephen D., 1995. "Selecting wheat varieties in a stochastic environment," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 171091, Australian Agricultural and Resource Economics Society.
    4. Nganje, William E. & Kaitibie, Simeon & Wilson, William W. & Leistritz, F. Larry & Bangsund, Dean A., 2004. "Economic Impacts Of Fusarium Head Blight In Wheat And Barley: 1993-2001," Agribusiness & Applied Economics Report 23627, North Dakota State University, Department of Agribusiness and Applied Economics.
    5. Charles Moss & Grigorios Livanis, 2009. "Implementation of stochastic dominance: a nonparametric kernel approach," Applied Economics Letters, Taylor & Francis Journals, vol. 16(15), pages 1517-1522.
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    1. repec:eee:agisys:v:162:y:2018:i:c:p:145-153 is not listed on IDEAS
    2. Park, Seong Cheol & Vitale, Jeffrey D. & Turner, Jason Clemn & Stoecker, Arthur L. & Hattey, Jeffory A., 2011. "Economic Potential of Swine Effluent in Intensified Forage Systems in the Southern Plains," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2011, pages 1-22, June.
    3. William W. Wilson & Wesley Wilson & Bruce Dahl, 2009. "Protein and the demand for hard wheats ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(2), pages 285-303, April.
    4. Wilson, William W. & McKee, Greg & Nganje, William & Dahl, Bruce & Bangsund, Dean, 2017. "Economic Impact of USWBSI’s Scab Initiative to Reduce FHB," Agribusiness & Applied Economics Report 264672, North Dakota State University, Department of Agribusiness and Applied Economics.
    5. Chang, Hung-Hao & Wen, Fang-I, 2008. "Off-farm Work, Technical Efficiency, and Production Risk: Empirical Evidence from a National Farmer Survey in Taiwan," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6164, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Park, Seong Cheol & Cho, Jaesung & Bevers, Stanley J. & Amosson, Stephen H. & Rudd, Jackie C., 2012. "Dryland Wheat variety selection in the Texas High Plain," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119658, Southern Agricultural Economics Association.

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    Crop Production/Industries;

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