Land Allocation Under Uncertainty: An Econometric Analysis
A quantitative knowledge of the consequence of risk inherent in agricultural production and farmer's reactions to them are of considerable importance in evaluating alternative government programmes and policies directed towards stabilization of prices and income in the agricultural sector. Yet there are very few empirical studies in the Indian context; the main reason being the lack of a suitable empirically estimable model which incorporates farming risk and farmer's attitute towards it. This study is an attempt towards constructing such a model which is amenable for quantification. By utilizing expected utility framework, two-crop land allocation model is developed assuming production uncertainty and the equilibrium conditions are characterised. Using farm management three years holding data, measures of risk aversion and risk premium are estimated.
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Volume (Year): 27 (1992)
Issue (Month): 1 (July)
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