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Profit and Variance Analysis of Cotton Production Technologies and Rotation Crops in Georgia

Author

Listed:
  • Flanders, Archie
  • White, Fred C.
  • Shurley, W. Donald
  • Brown, Steve M.

Abstract

Genetically modified cotton varieties have the potential for increasing returns and/or decreasing labor requirements. A nonlinear optimization model is applied to a whole farm analysis for evaluating cotton production technologies. This model maximizes farm utility, composed of expected returns and their variability, at various risk aversion levels in order to evaluate cotton production technologies. Results show that while conventional cotton maximizes utility in a risk-neutral situation, transgenic cotton varieties entered into the optimal solutions as higher levels of risk aversion were considered.

Suggested Citation

  • Flanders, Archie & White, Fred C. & Shurley, W. Donald & Brown, Steve M., 2003. "Profit and Variance Analysis of Cotton Production Technologies and Rotation Crops in Georgia," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 35(03), December.
  • Handle: RePEc:ags:joaaec:43204
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    File URL: http://purl.umn.edu/43204
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    References listed on IDEAS

    as
    1. Viswanath Tirupattur & Robert J. Hauser & Phelim P. Boyle, 1997. "Theory and Measurement of Exotic Options in U.S. Agricultural Support Programs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1127-1139.
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    Keywords

    cotton production technologies; mathematical optimization; risk aversion; whole farm analysis; C61; Q16;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services

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