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Production Risk And Efficient Allocation Of Resources

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  • Jock R. Anderson
  • William E. Griffiths

Abstract

Efficient allocation of resources has usually been couched in risk less terms, partly because statistical techniques did not exist for measuring the impact of varying levels of factors of production on risks associated with production. Now that such techniques are available, methods are required for determining efficient allocations. Such models, particularly those exploiting stochastic efficiency analysis, are illustrated here with respect to empirical risk-sensitive, farm-firm production functions.
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Suggested Citation

  • Jock R. Anderson & William E. Griffiths, 1982. "Production Risk And Efficient Allocation Of Resources," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 226-232, December.
  • Handle: RePEc:bla:ajarec:v:26:y:1982:i:3:p:226-232 DOI: j.1467-8489.1982.tb00415.x
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    References listed on IDEAS

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    1. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, pages 326-336.
    2. I.D. McArthur & John L. Dillon, 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 15(1), pages 20-35, April.
    3. Duloy, J.H., 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 3(02), December.
    4. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), September.
    5. McArthur, I.D. & Dillon, John L., 1971. "Risk, Utility And Stocking Rate," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 15(01), April.
    6. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-487, June.
    7. J.H. Duloy, 1959. "Resource Allocation And A Fitted Production Function," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 75-85, December.
    8. Pope, Rulon D. & Just, Richard E., 1977. "On The Competitive Firm Under Production Uncertainty," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 21(02), August.
    9. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, pages 67-86.
    10. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, pages 25-34.
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    Cited by:

    1. Schuurs, Mark & Wegener, Malcolm K., 1999. "Farm Dams - Are They An Option For The Queensland Sugar Industry," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 124549, Australian Agricultural and Resource Economics Society.
    2. Wegener, Malcolm Keith, 1995. "Modelling studies in the Australian sugar industry," Dissertations-Doctoral 253208, AgEcon Search.
    3. Griffiths, William E., 1986. "A Bayesian Framework For Optimal Input Allocation With An Uncertain Stochastic Production Function," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(02-03).
    4. Passmore, J.G. & Brown, Colin G., 1991. "Analysis Of Rangeland Degradation Using Stochastic Dynamic Programming," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 35(02), August.
    5. Antle, John, 1987. "Technology and Uncertainty: Evidence from Egypt," Occasional Paper Series No. 4 197406, International Association of Agricultural Economists.
    6. Salassi, Michael E. & Deliberto, Michael A. & Guidry, Kurt M., 2013. "Economically optimal crop sequences using risk-adjusted network flows: Modeling cotton crop rotations in the southeastern United States," Agricultural Systems, Elsevier, pages 33-40.
    7. Anderson, Jock R. & Dillon, John L. & Hardaker, J. Brian, 1985. "Farmers and Risk," 1985 Conference, August 26-September 4, 1985, Málaga, Spain 183026, International Association of Agricultural Economists.
    8. Wall, Charles A. & Fisher, Brian S., 1988. "Supply Response and the Theory of Production and Profit Functions," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), December.

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