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Incorporating Government Program Provisions Into A Mean-Variance Framework

Author

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  • Perry, Gregory M.
  • Rister, M. Edward
  • Richardson, James W.
  • Bessler, David A.

Abstract

E-V studies traditionally have relied on historical data to calculate returns and variance. Historical data may not fully reflect current conditions, particularly when decisions involve government-supported crops. This paper presents a method for calculating mean and variance using subjectively-estimated data. The method is developed for both government-supported and non-program crops. Comparisons to alternative methods suggest the approach provides reasonable accuracy.

Suggested Citation

  • Perry, Gregory M. & Rister, M. Edward & Richardson, James W. & Bessler, David A., 1989. "Incorporating Government Program Provisions Into A Mean-Variance Framework," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(02), December.
  • Handle: RePEc:ags:sojoae:30093
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    File URL: http://purl.umn.edu/30093
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    References listed on IDEAS

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    1. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    2. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-430, June.
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    Cited by:

    1. El Benni, Nadja & Finger, Robert, 2014. "Where is the risk? Price, yield and cost risk in Swiss crop production," Revue d'Etudes en Agriculture et Environnement, Editions NecPlus, vol. 95(03), pages 299-326, September.
    2. Chien, Ming-Che & Leatham, David J., 1994. "The Value Of Planting Flexibility Provisions In The 1990 Farm Bill To Three Representative Texas Farms," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 26(01), July.

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    Keywords

    Agricultural and Food Policy;

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