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Impact of Risk Averse Behavior on Fertilizer Demand for Tame Forages

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  • Shumway, C. Richard
  • Gebremeskel, Tesfaye

Abstract

The importance of risk in affecting production decisions is amply attested in the economics literature. Recent investigation of the influence of risky alternatives on supply relations has included both econometric analyses and programming studies. Hazell and Scandizzo suggest that when risk aversion is present, the slope of the supply schedule (i.e., with price plotted on the vertical axis) is expected to be greater than that for a risk-neutral supply schedule.In spite of considerable interest in the supply implications of risk aversion, little empirical attention has been given to its effects on factor demand. The authors attempt to do so, and examine the applicability of Hazell and Scandizzo's supply assertion to factor demand.

Suggested Citation

  • Shumway, C. Richard & Gebremeskel, Tesfaye, 1978. "Impact of Risk Averse Behavior on Fertilizer Demand for Tame Forages," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 10(1), pages 51-57, July.
    • Handle: RePEc:cup:jagaec:v:10:y:1978:i:01:p:51-57_01
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    1. C. Richard Shumway & Anne A. Chang, 1977. "Linear Programming versus Positively Estimated Supply Functions: An Empirical and Methodological Critique," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(2), pages 344-357.
    2. Whitson, Robert E. & Parks, Don L. & Herd, Dennis B., 1976. "Effects Of Forage Quality Restrictions On Optimal Production Systems Determined By Linear Programming," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 8(2), pages 1-4, December.
    3. Whitson, Robert E. & Parks, Don L. & Herd, Dennis B., 1976. "Effects of Forage Quality Restrictions on Optimal Production Systems Determined by Linear Programming," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 8(2), pages 1-4, December.
    4. Richard L. Simmons & Carlos Pomareda, 1975. "Equilibrium Quantity and Timing of Mexican Vegetable Exports," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(3), pages 472-479.
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    1. Kliebenstein, James B. & Heffernan, William D. & Barrett, Donald A. & Kirtley, Carrol L., 1979. "An Analysis Of Farmers Reasons For Farming: An Application Of Discriminant Analysis," Risk Management in Agriculture: Behavioral, Managerial, and Policy Issues, January 25-26, 1979, San Francisco, California 271462, Regional Research Projects > W-149: An Economic Evaluation of Managing Market Risks in Agriculture.

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