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Non-Parametric And Semi-Parametric Techniques For Modeling And Simulating Correlated, Non-Normal Price And Yield Distributions: Applications To Risk Analysis In Kansas Agriculture

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  • Featherstone, Allen M.
  • Kastens, Terry L.

Abstract

Parametric, non-parametric, and semi-parametric approaches are commonly used for modeling correlated distributions. Semi-parametric and non-parametric approaches are used to examine the risk situation for Kansas agriculture. Results from the model indicate that 2000 will be another difficult year for Kansas farmers, although crop income will increase slightly from 1999. However, unless another supplemental infusion of government payments occurs, crop income is expected to be the lowest since 1992.

Suggested Citation

  • Featherstone, Allen M. & Kastens, Terry L., 2000. "Non-Parametric And Semi-Parametric Techniques For Modeling And Simulating Correlated, Non-Normal Price And Yield Distributions: Applications To Risk Analysis In Kansas Agriculture," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-15, August.
    • Handle: RePEc:ags:joaaec:15491
    DOI: 10.22004/ag.econ.15491
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    References listed on IDEAS

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    1. Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-17, August.
    2. Allen C. Miller, III & Thomas R. Rice, 1983. "Discrete Approximations of Probability Distributions," Management Science, INFORMS, vol. 29(3), pages 352-362, March.
    3. Ramirez, Octavio A., 2000. "Parametric Modeling and Simulation of Joint Price-Production Distributions under Non-Normality, Autocorrelation and Heteroscedasticity: A Tool for Assessing Risk in Agriculture," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 32(2), pages 283-297, August.
    4. Featherstone, Allen M. & Moghnieh, Ghassan A. & Goodwin, Barry K., 1995. "Farm-level nonparametric analysis of cost-minimization and profit-maximization behavior," Agricultural Economics, Blackwell, vol. 13(2), pages 109-117, November.
    5. Terry L. Kastens & Allen M. Featherstone, 1997. "Federal Agricultural Improvement and Reform Act of 1996: A Kansas Perspective," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(2), pages 326-349.
    6. Newey, Whitney K, 1990. "Semiparametric Efficiency Bounds," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(2), pages 99-135, April-Jun.
    7. Allen M. Featherstone & Charles B. Moss & Timothy G. Baker & Paul V. Preckel, 1988. "The Theoretical Effects of Farm Policies on Optimal Leverage and the Probability of Equity Losses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 572-579.
    8. Eakin, B Kelly & McMillen, Daniel P & Buono, Mark J, 1990. "Constructing Confidence Intervals Using the Bootstrap: An Application to a Multi-Product Cost Function," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 339-344, May.
    9. repec:ags:joaaec:v:32:y:2000:i:2:p:299-315 is not listed on IDEAS
    10. Paul V. Preckel & Eric DeVuyst, 1992. "Efficient Handling of Probability Information for Decision Analysis under Risk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(3), pages 655-662.
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    Cited by:

    1. Claassen, Roger & Cooper, Joseph C. & Carriazo, Fernando, 2011. "Crop Insurance, Disaster Payments and Land Use Change: The Effect of Sodsaver on Incentives for Grassland Conversion," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(2), pages 1-17, May.
    2. Tor N. Tolhurst & Alan P. Ker, 2015. "On Technological Change in Crop Yields," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(1), pages 137-158.
    3. Claassen, Roger & Carriazo, Fernando & Cooper, Joseph C. & Hellerstein, Daniel & Ueda, Kohei, 2011. "Grassland to Cropland Conversion in the Northern Plains: The Role of Crop Insurance, Commodity, and Disaster Programs," Economic Research Report 262239, United States Department of Agriculture, Economic Research Service.
    4. Asci, Serhat & VanSickle, John J. & Cantliffe, Daniel J., 2013. "The Potential for Greenhouse Tomato Production Expansion in Florida," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143095, Southern Agricultural Economics Association.

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