Theory and Application of Risk Analysis in an Agricultural Development Setting: A Moroccan Case Study

Rafsnider, Giles T, et al

European Review of Agricultural Economics, 1993, vol. 20, issue 4, 471-89

Abstract: Portfolio analysis, using nonlinear risk programming, was applied to identify the risk-efficient crop portfolios for a group of subsistence farmers. On average these individuals operated 6.5 hectares of crop land. It was shown that E-V approximations could be developed, using quadratic programming, which provide close estimates to maximum expected utility at various risk-aversion levels. The appropriate utility function form and an approximation of the level of risk aversion exhibited by small farmers were identified. Results suggest these farmers may be far less risk averse than previously believed. Coauthors are Ahmed Driouchi, Bernard V. Tew and Donald W. Reid. Copyright 1993 by Oxford University Press.

Date: 1993
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