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Production Risk (production + risk)
Selected AbstractsTechnical Inefficiency and Production Risk in Rice Farming: Evidence from Central Luzon Philippines,ASIAN ECONOMIC JOURNAL, Issue 1 2006Renato Villano Q12; C13 There have been many previous studies of technical inefficiency in rice production in the Philippines, but none has focused simultaneously on production risk and technical inefficiency at the farm level. Rice production is inherently risky because of the heterogeneous production environment. In this study, we analyze technical inefficiency in a rainfed lowland rice environment in Central Luzon using a stochastic frontier production function with a heteroskedastic error structure. An 8-year panel dataset collected from 46 rainfed rice farmers was used to estimate flexible functional specifications. Over the whole period, the average technical efficiency was found to be 79 percent. Results indicate that there is a high degree of variability in technical efficiency estimates, which can be attributed to the instability of farming conditions in the rainfed lowland environment. Mean output was signifificantly influenced by area planted to rice, labor and the amount of fertilizer used. Consequently, these inputs were found to be risk-increasing, whereas herbicide was found to be a risk-reducing input. [source] Hedging dairy production losses using weather-based index insuranceAGRICULTURAL ECONOMICS, Issue 2 2007Xiaohui Deng Dairy production risk; Index insurance; Temperature,humidity index Abstract This article proposes a temperature,humidity index insurance product and examines whether this product can effectively protect against the risk of reduced milk production caused by heat stress. Results suggest that even when premiums are at higher than actuarially fair levels and the insurance purchaser is faced with both spatial and temporal basis risks, a temperature,humidity index insurance product would provide risk management benefits to a representative south-central Georgia dairy producer. [source] Incentives and Standards in Agency ContractsJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 2 2005ROBERT G. CHAMBERS This paper studies the structure of state-contingent contracts in the presence of moral hazard and multitasking. Necessary and sufficient conditions for the presence of multitasking to lead to fixed payments instead of incentive schemes are identified. It is shown that the primary determinant of whether multitasking leads to higher or lower powered incentives is the role that noncontractible outputs play in helping the agent deal with the production risk associated with the observable and contractible outputs. When the noncontractible outputs are risk substitutes and are socially undesirable, standards are never optimal. If the noncontractible outputs are socially desirable, standards are never optimal if the noncontractible outputs play a risk-complementary role. [source] Technical Inefficiency and Production Risk in Rice Farming: Evidence from Central Luzon Philippines,ASIAN ECONOMIC JOURNAL, Issue 1 2006Renato Villano Q12; C13 There have been many previous studies of technical inefficiency in rice production in the Philippines, but none has focused simultaneously on production risk and technical inefficiency at the farm level. Rice production is inherently risky because of the heterogeneous production environment. In this study, we analyze technical inefficiency in a rainfed lowland rice environment in Central Luzon using a stochastic frontier production function with a heteroskedastic error structure. An 8-year panel dataset collected from 46 rainfed rice farmers was used to estimate flexible functional specifications. Over the whole period, the average technical efficiency was found to be 79 percent. Results indicate that there is a high degree of variability in technical efficiency estimates, which can be attributed to the instability of farming conditions in the rainfed lowland environment. Mean output was signifificantly influenced by area planted to rice, labor and the amount of fertilizer used. Consequently, these inputs were found to be risk-increasing, whereas herbicide was found to be a risk-reducing input. [source] The costs and benefits of land fragmentation of rice farms in Japan,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2010Kentaro Kawasaki Land fragmentation, in which a farm operates multiple, separate plots of land, is a common phenomenon in Japan and many other countries. Usually, land fragmentation is regarded as a harmful phenomenon as it increases production costs and reduces the advantages of scale economies. However, it is also known that fragmentation may have beneficial effects in reducing risk through spatial dispersion of plots. Thus, land fragmentation has both costs and benefits, and whether it is beneficial or harmful is determined by the magnitude of these costs and benefits. This article investigates the costs and benefits of land fragmentation empirically using panel data from Japanese rice farms. The empirical results reveal that fragmentation increases production costs and offsets economies of size, and these impacts strengthen as farm size increases. Moreover, although fragmentation does reduce production risk, its monetary value is far below the cost of land fragmentation. From these findings, we conclude that land fragmentation is an impediment to efficient rice production in Japan. [source] Impact of Water Stress on Maize Grown Off-Season in a Subtropical EnvironmentJOURNAL OF AGRONOMY AND CROP SCIENCE, Issue 4 2007C. M. T. Soler Abstract During the last decade, the production of off-season maize has increased in several regions of Brazil. Growing maize during this season, with sowing from January through April, imposes several climatic risks that can impact crop yield. This is mainly caused by the high variability of precipitation and the probability of frost during the reproduction phases. High production risks are also partially due to the use of cultivars that are not adapted to the local environmental conditions. The goal of this study was to evaluate crop growth and development and associated yield, yield components and water use efficiency (WUE) for maize hybrids with different maturity ratings grown off-season in a subtropical environment under both rainfed and irrigated conditions. Three experiments were conducted in 2001 and 2002 in Piracicaba, state of São Paulo, Brazil with four hybrids of different maturity duration, AG9010 (very short season), DAS CO32 and Exceler (short season) and DKB 333B (normal season). Leaf area index (LAI), plant height and dry matter were measured approximately every 18 days. Under rainfed conditions, the soil water content in the deeper layers was reduced, suggesting that the extension of the roots into these layers was a response to soil water limitations. On average, WUE varied from 1.45 kg m,3 under rainfed conditions to 1.69 kg m,3 under irrigated conditions during 2001. The average yield varied from 4209 kg ha,1 for the hybrids grown under rainfed conditions to 5594 kg ha,1 under irrigated conditions during 2001. Yield reductions under rainfed conditions were affected by the genotype. For the hybrid DKB 333B with a normal maturity, yield was reduced by 25.6 % while the short maturity hybrid Exceler was the least impacted by soil water limitations with a yield reduction of only 8.4 %. To decrease the risk of yield loss, the application of supplemental irrigation should be considered by local farmers, provided that this practice is not restricted by either economic considerations or the availability of sufficient water resources. [source] Fillet yield and fat content in common carp (Cyprinus carpio) produced in three Austrian carp farms with different culture methodologiesJOURNAL OF APPLIED ICHTHYOLOGY, Issue 5 2009C. Bauer Summary The fat content and fillet yield of common carp (Cyprinus carpio) from three carp farms were investigated with respect to pond management and overall climatic conditions. The mean fat content of the trimmed fillet varied from 2.7 to 6.9% and differed significantly among the three facilities (P < 0.001). It is suggested that differences in the fillet fat content may be based on the climatic conditions as well as the different management strategies (feeding, stocking biomass). The mean fillet yield was calculated as 34.0,39.0%. No significant correlation between fish weight and fillet yield (, = ,0.16) was found. Results suggest that producing smaller fish for fillets of serving size may lead to a higher production and conclude with lower production risks and costs. [source] | |||||||||||||