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Microeconomic Effects Of Reduced Yield Variability Cultivars Of Soybeans And Wheat

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  • Dillon, Carl R.

Abstract

Economic analysis was conducted on hypothetical agronomic research on new crop cultivars for Arkansas dryland soybean and wheat producers. In relation to farmersÂ’ attitudes toward risk, the microeconomic effects and level of adoption of yield variability reducing cultivars were analyzed utilizing a production management decision-making model formulated with mathematical programming techniques. The study indicated that negative covariance between crops continues to be an effective means of reducing production risk associated with yield variability. However, under varying circumstances, agronomic research on the breeding of new soybean and wheat cultivars with reduced yield variability is worthwhile if there is only slight concurrent reduction in expected yields.

Suggested Citation

  • Dillon, Carl R., 1992. "Microeconomic Effects Of Reduced Yield Variability Cultivars Of Soybeans And Wheat," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(01), July.
  • Handle: RePEc:ags:sojoae:30381
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    File URL: http://purl.umn.edu/30381
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    References listed on IDEAS

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    1. Kennedy, John O.S., 1981. "Applications of Dynamic Programming to Agriculture, Forestry and Fisheries: Review and Prognosis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 49(03), December.
    2. McCarl, Bruce A. & Bessler, David A., 1989. "Estimating An Upper Bound On The Pratt Risk A Version Coefficient When The Utility Function Is Unknown," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 33(01), April.
    3. Martinez, Stephen & Norton, George W., 1986. "Evaluating Privately Funded Public Research: An Example With Poultry And Eggs," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(01), pages 129-140, July.
    4. Lars Brink & Bruce McCarl, 1978. "The Tradeoff between Expected Return and Risk Among Cornbelt Farmers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(2), pages 259-263.
    5. Dillon, Carl R. & Mjelde, James W. & McCarl, Bruce A., 1989. "Biophysical Simulation In Support Of Crop Production Decisions: A Case Study In The Blacklands Region Of Texas," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(01), July.
    6. McCarl, Bruce A., 1984. "Model Validation: An Overview with some Emphasis on Risk Models," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 52(03), December.
    7. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    8. Boisvert, Richard N. & McCarl, Bruce, 1990. "Agricultural Risk Modeling Using Mathematical Programming," Research Bulletins 183294, Cornell University, Department of Applied Economics and Management.
    9. 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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    Citations

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    Cited by:

    1. Hu, Lijiao & Stainback, George & Li, Xiaoshu, 2016. "Economic Analysis of Carbon Sequestration under Risks in Forest management," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 229983, Southern Agricultural Economics Association.
    2. Kanakasabai, Murali & Dillon, Carl R. & Skees, Jerry R., 2001. "Microeconomic Evaluation Of Farm Risk Management Decisions In Kentucky," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36178, Western Agricultural Economics Association.
    3. Salim, Juma K. & Dillon, Carl R., 2007. "Precision Feeding in Dairy Ration Cost Minimization Under Producer's Risk Management," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34925, Southern Agricultural Economics Association.

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    Keywords

    Crop Production/Industries;

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