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The Value of Reducing Temporal Input Nonuniformities

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  • Babcock, Bruce A.
  • Blackmer, Alfred M.

Abstract

The producer value of reducing temporal uncertainty concerning the level of soil nitrate is estimated for corn production in Iowa. The reduction in uncertainty is obtained through use of a late-spring nitrate test. Parametric representations of conditional densities of soil nitrates are used along with an estimated production function to estimate optimal nitrogen fertilizer applications under both uncertainty and certainty for a representative risk-neutral Iowa corn farm. Results indicate that decreasing uncertainty could reduce average fertilizer applications by up to 38% and that producer returns could be increased by up to $22.08/acre.
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Suggested Citation

  • Babcock, Bruce A. & Blackmer, Alfred M., 1992. "The Value of Reducing Temporal Input Nonuniformities," ISU General Staff Papers 199212010800001540, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genstf:199212010800001540
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    File URL: http://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1540&context=econ_las_pubs
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    References listed on IDEAS

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    1. Eli Feinerman & E. Kwan Choi & Stanley R. Johnson, 1990. "Uncertainty and Split Nitrogen Application in Corn Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(4), pages 975-985.
    2. Bruce A. Babcock, 1992. "The Effects of Uncertainty on Optimal Nitrogen Applications," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 14(2), pages 271-280.
    3. Feinerman, Eli & Kwan, E. & Johnson, Stanley R., 1990. "Uncertainty and Split Nitrogen Application in Corn Production," Staff General Research Papers Archive 328, Iowa State University, Department of Economics.
    4. Babcock, Bruce A., 1992. "Effects of Uncertainty on Optimal Nitrogen Applications (The)," Staff General Research Papers Archive 10588, Iowa State University, Department of Economics.
    5. Quirino Paris & Keith Knapp, 1989. "Estimation of von Liebig Response Functions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(1), pages 178-186.
    6. Yen-Shong Chiao & Allan Gillingham, 1989. "The Value of Stabilizing Fertilizer under Carry-Over Conditions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(2), pages 352-362.
    7. Hanley, Nick, 1990. "The Economics of Nitrate Pollution," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 17(2), pages 129-151.
    8. Feinerman, Eli & Choi, E. Kwan & Johnson, Stanley R., 1990. "Uncertainty and Split Nitrogen Application in Corn Production," Staff General Research Papers Archive 10598, Iowa State University, Department of Economics.
    9. Edgar A. Lanzer & Quirino Paris, 1981. "A New Analytical Framework for the Fertilization Problem," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(1), pages 93-103.
    10. Nick Hanley, 1990. "The Economics of Nitrate Pollution Control in the UK," Working Papers Series 90/5, University of Stirling, Division of Economics.
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