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Stabilisation And Risk Reduction In Australian Agriculture

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  • John C. Quiggin
  • Jock R. Anderson

Abstract

Agricultural producers typically are faced with risk about the yields they will experience and the prices they will receive. Stabilisation schemes can spread risk and thereby reduce the risk faced by individual producers. The risk-reducing capacity of a scheme and the cost of risk reduction depend upon the design of the scheme. In particular, it is important to distinguish between risk and instability. A classification of scheme designs is presented to bring out the effects of various design types. Schemes for the wheat industry are given most attention.
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Suggested Citation

  • John C. Quiggin & Jock R. Anderson, 1979. "Stabilisation And Risk Reduction In Australian Agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 23(3), pages 191-206, December.
    • Handle: RePEc:bla:ajarec:v:23:y:1979:i:3:p:191-206
    DOI: j.1467-8489.1979.tb00243.x
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    Cited by:

    1. Anderson, Jock R., 1979. "Impacts of Climatic Variability in Australian Agriculture: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 47(03), pages 1-31, December.
    2. Sriramaratnam, S., 1988. "Prospects for Managing Production Risk in New Zealand Agriculture," 1988 Conference (32nd), February 8-11, 1988, Melbourne, Australia 144361, Australian Agricultural and Resource Economics Society.
    3. Monjardino, Marta & McBeath, T. & Brennan, Lisa E. & Llewellyn, Rick S., 2012. "Are farmers in low-rainfall cropping regions under-fertilizing? An Australian case-study," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 124976, International Association of Agricultural Economists.
    4. John C. Quiggin, 1986. "A Note On The Viability Of Rainfall Insurance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 30(1), pages 63-69, April.
    5. Monjardino, Marta & McBeath, T. & Brennan, Lisa E. & Llewellyn, Rick S., 2012. "Revisiting N fertilisation rates in low-rainfall grain cropping regions of Australia: A risk analysis," 2012 Conference (56th), February 7-10, 2012, Fremantle, Australia 124339, Australian Agricultural and Resource Economics Society.
    6. John C. Quiggin, 1991. "Contradictory Predictions On Supply Response Under Stabilization: A Reconciliation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 35(3), pages 285-294, December.
    7. Marc F. Bellemare & Yu Na Lee & David R. Just, 2020. "Producer Attitudes Toward Output Price Risk: Experimental Evidence from the Lab and from the Field," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 806-825, May.
    8. John C. Quiggin & Jock R. Anderson, 1981. "Price Bands and Buffer Funds," The Economic Record, The Economic Society of Australia, vol. 57(1), pages 67-73, March.
    9. Monjardino, M. & McBeath, T. & Ouzman, J. & Llewellyn, R. & Jones, B., 2015. "Farmer risk-aversion limits closure of yield and profit gaps: A study of nitrogen management in the southern Australian wheatbelt," Agricultural Systems, Elsevier, vol. 137(C), pages 108-118.
    10. Kingwell, Ross S., 2011. "Revenue volatility faced by Australian wheat farmers," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100572, Australian Agricultural and Resource Economics Society.
    11. Quiggin, John C. & Fisher, Brian S., 1989. "Generalised Utility Theories - Implications for Stabilisation Policy," 1989 Conference (33rd), February 7-9, 1989, Christchurch, New Zealand 144819, Australian Agricultural and Resource Economics Society.
    12. Peter Bardsley & Arun Abey & Scott V. Davenport, 1984. "The Economics Of Insuring Crops Against Drought," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 28(1), pages 1-14, April.
    13. A.L. Hillman & E. Katz, 1984. "Oil Price Instability and Domestic Energy Substitution for Imported Oil," The Economic Record, The Economic Society of Australia, vol. 60(1), pages 85-89, March.

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