摘要:

AbstractA method is developed to permit joint estimation of risk preference structure, degree of risk aversion, and production technology. The method is implemented using the Expo‐Power utility function, which imposes no restrictions on risk preference structure. The empirical application uses data from a sample of Kansas wheat farmers. Evidence rejects the null hypothesis of risk neutrality and suggests that Kansas farmers exhibit decreasing absolute risk aversion and increasing relative risk aversion. Results also show that combined estimation of production function parameters with the utility function parameter is more efficient than is separate estimation of each.

ISSN:0002-9092    

DOI:10.2307/1243619

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractHistorical evidence and theory lead to a hypothesis that land price variation increases with distance to market. This hypothesis is tested with county data from five Cornbelt states during the period 1969 to 1987, when price changes were unusually large. Our data support the hypothesis. In the 70s, prices increased more in the Western Cornbelt than in the Eastern Cornbelt; in the 80s, the Western Cornbelt experienced the more precipitous price declines. Our hypothesis explains why Great Plains farmers have experienced greater financial problems during times of stress than have many other farmers.

ISSN:0002-9092    

DOI:10.2307/1243620

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractWe characterize the cost functions which would be consistent with expected utility maximization when production is uncertain. It is not generally possible, assuming risk aversion, to use only expected output as the constraint in a cost minimization problem. In some leading cases, cost functions consistent with expected utility maximization are particularly useful because they are devoid of risk preferences.

ISSN:0002-9092    

DOI:10.2307/1243621

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractThere is increasing recognition that statistical estimates of the average willingness to pay for environmental programs may be biased by the failure of respondents, or of the statistical methodology, to consider the effect of substitute programs and goods. We design and implement a CVM survey that estimates the impact of substitution effects on the willingness to pay for an environmental program. We find a statistically significant impact and suggest that the set of potential substitutes is very large.

ISSN:0002-9092    

DOI:10.2307/1243622

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractWith few exceptions, most studies of the labor demand and supply decisions of agricultural households in developing countries have relied on the empirical advantages of separability. Given the questionable nature of some of the assumptions sufficient for separability, I apply a recent methodology that accounts for the simultaneity between the production and consumption decisions of a farm household. Using data from rural India, direct estimates of the marginal productivities (shadow wages) of family male and female labor are derived from a Cobb‐Douglas agricultural production function. The estimated shadow wages and income are then used as regressors in a structural model of labor supply.

ISSN:0002-9092    

DOI:10.2307/1243623

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractWhen farm income is first increasing and then decreasing in the operator's age, the timing of farm transferal from parent to child is optimally determined by families who seek to maximize joint income or utility. Using a sample of Israeli farms in which the operation of the farm changed from parent to child between 1971 and 1981, equations of transfer time and child's education are derived. A simultaneous equation, censored regression model is estimated using a two‐stage method. Results support the theoretical predictions that transfer time is decreasing with parent's age and with child's schooling, and increasing with parent's experience.

ISSN:0002-9092    

DOI:10.2307/1243624

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractA stochastic dynamic programming (DP) model of range cow culling decisions incorporating market price uncertainties and dynamics of biological productivity was solved for biannual and annual calving systems. Decision trees were generated from the DP solutions using the Classification and Regression Trees (CART) methodology. The decision trees captured over 99% of the optimal DP returns from both biannual and spring‐only calving. CART culling criteria in conjunction with dual‐season calving increased wealth by 7% compared to optimal DP culling decisions with spring‐only calving, and by 10% compared to a more traditional strategy of culling all open cows.

ISSN:0002-9092    

DOI:10.2307/1243625

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractThis paper examines the moral hazard implications of individual‐coverage crop insurance contracts. Individual‐coverage contracts are informationally superior to standard contracts because the farmer's coverage is proportional to his average historical yield. Despite this apparent benefit, the steady‐state solution is shown to be characterized by moral hazard cycles, where moral hazard is practiced in alternative periods. The amplitude of the cycle and, thus, the variability in planned production is shown to be larger the lower the degree of production uncertainty, the fewer the number of years used in the averaging process, the higher the coverage threshold, and the lower the level of co‐insurance.

ISSN:0002-9092    

DOI:10.2307/1243626

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractThe common property analysis of Rausser, Zusman, and Foster is expanded and applied to Australian grain transportation systems. With a conservative decision rule, a statically inefficient cost pooling system may lead to optimal investment decisions as benefits become pooled. With Ramsey pricing in contrast, losers may veto many investment decisions, so that allocations become ‘equitable’ but technically inefficient. Efficiency gains from price policy reform may not be achieved unless accompanied by property right reallocation.

ISSN:0002-9092    

DOI:10.2307/1243627

出版商:Oxford University Press    

年代:1994

数据来源: WILEY

摘要:

AbstractAn aggregate acreage supply model for the Canadian prairies is estimated assuming that farmers base short‐run acreage decisions on theex anterational expectation and variance of per‐hectare revenue. To account for the effects of government intervention, a structural model of the Western Grains Stabilization Program is incorporated into the estimation framework. Results indicate the Program contributed to modest increases in cropped acreage between 1976 and 1990.

ISSN:0002-9092    

DOI:10.2307/1243628

出版商:Oxford University Press    

年代:1994

数据来源: WILEY