Technological and financial approaches to risk management in agriculture: an integrated approach *

Robert G Chambers () and John Quiggin ()

Australian Journal of Agricultural and Resource Economics, 2004, vol. 48, issue 2, pages 199-223

Abstract: In the present paper, risk-management problems where farmers manage risk both through production decisions and through the use of market-based and informal risk-management mechanisms are considered. It is shown that many of these problems share a common structure, and that a unified and informative treatment of a broad spectrum of risk-management tools is possible within a cost-minimisation framework, under minimal conditions on their objective functions. Fundamental results are derived that apply regardless of the producer's preference towards risks, using only the no-arbitrage condition that agricultural producers never forego any opportunity to lower costs without lowering returns. Copyright 2004 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd..

Date: 2004
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