American Journal of Agricultural Economics

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Do New York Dairy Farmers Maximize Profits or Minimize Costs?
American Journal of Agricultural Economics - Tập 77 Số 2 - Trang 421-429 - 1995
Loren W. Tauer
AbstractThe Weak Axiom of Profit Maximization and Weak Axiom of Cost Minimization were used to determine whether each of forty‐nine New York dairy farms displayed behavior consistent with profit maximization or cost minimization. These were tested for each farm across eleven years of data, correcting for technological change using previously estimated nonparametric...... hiện toàn bộ
On Testing the Structure of Risk Preferences in Agricultural Supply Analysis
American Journal of Agricultural Economics - Tập 73 Số 3 - Trang 743-748 - 1991
Rulon D. Pope, Richard E. Just
AbstractRisk preferences broadly affect many economic decisions when markets are incomplete. Common representations of risk preferences are constant absolute, relative, and partial relative risk aversion. Each of these preference classes has distinct impacts on choice. An econometric test for distinguishing the class of preferences is proposed and implemented for p...... hiện toàn bộ
A Nonparametric Investigation of Agricultural Production Behavior for U.S. Subregions
American Journal of Agricultural Economics - Tập 70 Số 2 - Trang 311-317 - 1988
Chris Fawson, C. Richard Shumway
AbstractThis research provides an empirical application of nonparametric techniques to determine whether agricultural production behavior in the United States and ten farm production regions over the period 1939 to 1982 has been inconsistent with the joint hypothesis of profit maximization, convex technology, and monotonic nonregressive technical change.
Risk Analysis with Single‐Index Portfolio Models: An Application to Farm Planning
American Journal of Agricultural Economics - Tập 68 Số 1 - Trang 152-161 - 1986
Robert A. Collins, Peter J. Barry
AbstractSharpe's 1963 single‐index portfolio model, the separation theorem, and a solution method suggested by Elton, Gruber, and Padberg are adapted in this paper to the farm diversification problem. The objectives are to develop risk measures, based on single‐index parameters and computationally simple methods for farm risk planning, that are suitable for microco...... hiện toàn bộ
Profit, Supply, and Factor Demand Functions
American Journal of Agricultural Economics - Tập 54 Số 1 - Trang 11-18 - 1972
Lawrence J. Lau, Pan A. Yotopoulos
AbstractThe concept of the profit function provides an alternative approach to the analysis of production. First, a brief exposition of the theory of profit function is presented. Then the profit function and the factor demand functions are formulated within the Cobb‐Douglas framework. A statiscal test is devised for testing the hypothesis of constant returns to sc...... hiện toàn bộ
An Investigation of the Importance of Risk in Farmers' Decisions
American Journal of Agricultural Economics - Tập 56 Số 1 - Trang 14-25 - 1974
Richard E. Just
AbstractThis paper presents an empirical investigation of the importance of risk in decisions. The adaptive expectations geometric lag model is generalized by geometrically including quadratic lag terms indicative of risk. The computation of consistent estimators is described, and the model is applied in the analysis of California field‐crop supply response. Result...... hiện toàn bộ
Application of Risk Preference Estimates in Firm‐Household and Agricultural Sector Models
American Journal of Agricultural Economics - Tập 64 Số 2 - Trang 384-390 - 1982
Peter Hazell
Joint Estimation of Risk Preference Structure and Technology Using Expo‐Power Utility
American Journal of Agricultural Economics - Tập 76 Số 2 - Trang 173-184 - 1994
Atanu Saha, C. Richard Shumway, Hovav Talpaz
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 hy...... hiện toàn bộ
Unstable Models from Incorrect Forms
American Journal of Agricultural Economics - Tập 73 Số 4 - Trang 1171-1181 - 1991
Julian M. Alston, James A. Chalfant
AbstractParametric tests for structural change are conditional on the joint hypothesis of functional form and other aspects of the model specification. This problem is often disregarded. Monte Carlo evidence using three data sets indicates that apparently innocuous specification errors can lead to substantial increases in the probability of finding structural chang...... hiện toàn bộ
Cost Function Estimation under Risk Aversion
American Journal of Agricultural Economics - Tập 80 Số 2 - Trang 296-302 - 1998
Rulon D. Pope, Richard E. Just
AbstractStandard definitions of the cost function do not admit risk. Standard (ex post) approaches to cost function estimation yield biased and inconsistent estimates when production is stochastic. Recently an (ex ante) approach to cost function estimation with stochastic production has been developed by imbeddi...... hiện toàn bộ
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