Impact of Risk Averse Behavior on Fertilizer Demand for Tame Forages*

C. Shumway and Tesfaye Gebremeskel

Journal of Agricultural and Applied Economics, 1978, vol. 10, issue 1, 51-57

Abstract: The importance of risk in affecting production decisions is amply attested in the economics literature. Recent investigation of the influence of risky alternatives on supply relations has included both econometric analyses and programming studies. Hazell and Scandizzo suggest that when risk aversion is present, the slope of the supply schedule (i.e., with price plotted on the vertical axis) is expected to be greater than that for a risk-neutral supply schedule.In spite of considerable interest in the supply implications of risk aversion, little empirical attention has been given to its effects on factor demand. The authors attempt to do so, and examine the applicability of Hazell and Scandizzo's supply assertion to factor demand.

Date: 1978
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Journal Article: IMPACT OF RISK AVERSE BEHAVIOR ON FERTILIZER DEMAND FOR TAME FORAGES (1978)
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