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| Tew, Bernard V.; Musser, Wesley N.; Smith, G. Scott. |
| Specification of the variance-covariance matrix holds continuing interest for agricultural economists considering risk programming applications. This research examines alternative expected value-variance (E-V) frontiers constructed using contemporaneous and non-contemporaneous data and two statistical assumptions concerning crop prices and yields. Empirical examples from two locations for different crops illustrate the various assumptions. Considerable differences in the E-V efficient frontiers occur in both empirical settings. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1988 |
URL: http://purl.umn.edu/29066 |
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| Musser, Wesley N.; McCarl, Bruce A.; Smith, G. Scott. |
| A model with omitted resource constraints is suggested as an alternative to a risk aversion model for explaining economic behavior. This paper uses two standard mathematical programming models to further explore this issue. One model is a standard profit maximization linear programming model and the other is a risk averse quadratic programming model with part of the constraints deleted. Theoretical investigation of these models demonstrates that risk aversion can substitute for omitted resource constraints. A small empirical model is then solved under both formulations. With resource constraints deleted, positive risk aversion is necessary to obtain a similar enterprise organization as under profit maximization with complete constraints. These two... |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1986 |
URL: http://purl.umn.edu/29787 |
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