| Description |
1 online resource (155 pages) |
| Contents |
Cover; Half Title; About the Book and Authors; Title; Copyright; Contents; List of Tables and Figures; Preface; 1 INTRODUCTION; Impacts of Risk in Agriculture; Outline of the Study; Limitations of the Study; 2 EXPECTATIONS, WELFARE AND MARKET EQUILIBRIUM UNDER RISK; Principal Results; Partial Equilibrium Analysis of a Single Market; A Case of Cross-Sectional variation in Yields; A Partial Equilibrium Analysis of a Case of Joint Production; General Equilibrium Analyses; Conclusion to the Theoretical Work; 3 EMPIRICAL CONTRASTS OF COMPETING ARGUMENTS OF AGRICULTURAL SUPPLY FUNCTIONS |
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Further Theoretical ConsiderationsSome Conventional Econometric Case Studies; Some Unconventional Econometric Case Studies; Conclusions; 4 FARMERS' EXPECTATIONS AND MATHEMATICAL PROGRAMMING MODELS OF MARKET EQUILIBRIA; Programming Models Including Risk and Various Expectations; An Illustrative Application in Mexico; Conclusion; 5 WELFARE GAINS FROM PRICE STABILIZATION WHEN PRODUCTION IS RISKY; Price Stabilization: Some Theoretical Propositions; Gains from Stabilization: Some Quantitative Indicators; Evaluating Price Stabilization with Mathematical Programming; Conclusion |
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6 PROJECT EVALUATION IN RISKY MARKETSA Partial Equilibrium Approach to Shadow Prices and Forecasts; Project Evaluation and Income Distribution; Conclusions; 7 EPILOGUE; References; Author Index; Subject Index |
| Summary |
This book shows how decisions made by individual farmers influence the efficiency of agricultural markets. Unless farmers properly take account of the correlation between prices and yields in forming their price forecasts, competitive markets will often be socially inefficient, leading to misallocation of resources. The authors demonstrate that a simple and practical price forecasting rule, based on expected per unit revenue, is generally adequate to ensure efficient market behavior. Time-series data from various countries are used to test the hypothesis that market supply is influenced by the correlation of price and yield as well as by lagged market prices . The importance of market inefficiencies in risky situations is shown to, depend on the variability of yields, the nature of farmers'price forecasting behavior, the degree of private risk aversion, and the elasticity of demand. The authors suggest and evaluate three basic policy approaches governments may take when confronted with very inefficient markets--establishing production quotas, improving market information services, and implementing price stabilization schemes. They conclude by discussing implications of the study for the specification of agricultural supply models and for the economic appraisal of risky investment projects |
| Notes |
Print version record |
| Subject |
Agricultural prices -- Developing countries -- Forecasting
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Farm risks -- Developing countries
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Agriculture and state -- Developing countries
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SCIENCE -- Life Sciences -- General.
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Agricultural prices -- Forecasting
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Agriculture and state
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Farm risks
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Agrarpreis
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Prognose
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Agrarmarkt
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Unsicherheit
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Developing countries
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Entwicklungsländer
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| Form |
Electronic book
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| Author |
Hazell, P. B. R.
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Anderson, Jock R., 1941-
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| ISBN |
9781000238341 |
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1000238342 |
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9780429304903 |
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0429304900 |
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9781000274288 |
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1000274284 |
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9781000310221 |
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1000310221 |
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