Risk Management Potential of Precision Farming Technologies

J. Lowenberg-DeBoer

Journal of Agricultural and Applied Economics, 1999, vol. 31, issue 2, 275-285

Abstract: Initial ideas on risk management uses of precision agricultural technology focused on site-specific treatment of problem areas to reduce the probability of low yields and returns. Recent discussions deal with sensor and remote-sensing information to improve marketing and “as applied maps” as trace-back mechanisms to manage liability. A theoretical model is presented that suggests that there are plausible circumstances under which precision farming can reduce temporal yield variability. Empirical evidence from an on-farm trial of site-specific P&K management in the Eastern Cornbelt supports the hypothesis that precision farming can have risk-reducing benefits.

Date: 1999
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