Measuring producer welfare under output price uncertainty and risk non‐neutrality
David Bullock (),
Philip Garcia and
Australian Journal of Agricultural and Resource Economics, 2005, vol. 49, issue 1, 1-21
Procedures to measure the producer welfare effects of changes in an output price distribution under uncertainty are reviewed. Theory and numerical integration methods are combined to show how for any form of Marshallian risk‐responsive supply, compensating variation of a change in higher moments of an output price distribution can be derived numerically. The numerical procedure enables measurement of producer welfare effects in the many circumstances in which risk and uncertainty are important elements. The practical ease and potential usefulness of the procedure is illustrated by measuring the producer welfare effects of USA rice policy.
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