COTTON PRODUCTION UNDER RISK: AN ANALYSIS OF INPUT EFFECTS ON YIELD VARIABILITY AND FACTOR DEMAND

Richard L. Farnsworth · L. Joe Moffitt

22 citations0/0 files storedRePEc: Research Papers in Economics

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Agricultural economics and policies Economics of Agriculture and Food Markets Agricultural risk and resilience

Abstract

The risk flexible production model developed by Just and Pope is estimated for the case of cotton in California's San Joaquin Valley and the implications of the model for factor demand are examined. Results indicate risk-reducing roles for farm machinery, labor, and fertilizers in contrast to restrictions imposed by traditional stochastic production specifications. Qualitative assessment of estimated risk effects on factor employment under risk aversion are evaluated by comparison to the risk-neutral solution.

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1978Stochastic specification of production functions and economic implications 1979Production Function Estimation and Related Risk Considerations 1979Pesticides, Information, and Pest Management under Uncertainty 1968Estimating the Productivity of Agricultural Pesticides*1977Long‐Run Productivity of Insecticides 1976Estimating the Marginal Productivity of Agricultural Pesticides: the Case of Tree‐Fruit Farms in the Okanagan Valley

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1987SIMULTANEOUS INPUT DEMANDS AND LAND ALLOCATION IN AGRICULTURAL PRODUCTION UNDER CERTAINTY

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