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A dynamic dual model under state-contingent production uncertainty

  • Serra, Teresa
  • Stefanou, Spiro E.
  • Oude Lansink, Alfons G.J.M.

In this paper we assess how production costs and capital accumulation patterns in agriculture have evolved over time, by paying special attention to the influence of risk. A dynamic state-contingent cost minimization approach is applied to assess production decisions in US agriculture over the last century. Results suggest the relevance of allowing for the stochastic nature of the production function which permits to capture both the differences in the costs of producing under different states of nature, the differences in the evolution of these costs over time, as well as the differential impacts of different states of nature on investment decisions.

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File URL: http://purl.umn.edu/61353
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Paper provided by European Association of Agricultural Economists in its series 114th Seminar, April 15-16, 2010, Berlin, Germany with number 61353.

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Date of creation: Apr 2010
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Handle: RePEc:ags:eaa114:61353
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  1. C. J. O'Donnell & W. E. Griffiths, 2006. "Estimating State-Contingent Production Frontiers," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 249-266.
  2. Yir-Hueih Luh & Spiro E. Stefanou, 1996. "Estimating Dynamic Dual Models under Nonstatic Expectations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(4), pages 991-1003.
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