Flexible panel data models for risky production technologies with an application to salmon aquaculture

Ragner Tveterås and Guanghua Wan

Econometric Reviews, 2000, vol. 19, issue 3, 367-389

Abstract: Primal panel data models of production risk are estimated, using more flexible specifications than has previously been the practice. Production risk has important implications for the analysis of technology adoption and technical efficiency, since risk averse producers will take into account both the mean and variance of output when ranking alternative technologies. Hence, one should estimate technical change separately for the deterministic part and the risk part of thetechnology.

Keywords: production risk; technical change; stochastic dominance; salmon aquaculture (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1080/07474930008800477

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