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

Richard L. Farnsworth and L. Joe Moffitt

Western Journal of Agricultural Economics, 1981, vol. 06, issue 2, 10

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.

Keywords: Crop; Production/Industries (search for similar items in EconPapers)
Date: 1981
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32580

DOI: 10.22004/ag.econ.32580

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