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| Bardsley, Peter. |
| Risky research projects are, other things being equal, intrinsically harder to monitor than projects that are less risky. It is shown using agency theory that a standard cost benefit analysis, which ignores the agency problem, will introduce a bias towards excessively risky projects, and it will under‐estimate the benefits from complementary investments in libraries, scientific equipment and other expenditures that increase the productivity of scientists. Research managers should be risk‐averse in their choice of projects, and they should aim to hold a balanced portfolio of projects. The nature of this portfolio problem is, however, quite different from the portfolio management problem in financial markets. |
| Tipo: Journal Article |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies. |
| Ano: 1999 |
URL: http://purl.umn.edu/117158 |
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| Bardsley, Peter; Harris, Michael. |
| A simple model is developed relating the debt and asset portfolio of the farm to the production decision, which leads to a small non-linear system of equations. The system is estimated with time-series cross-sectional data from Australian broadacre agriculture using non-linear three-stage least squares. This gives a new method of estimating risk aversion coefficients by using actual behaviour of farmers in a realistic economic environment, rather than games played in artificial situations. Australian farmers are found to be risk averse, and the partial coefficient of risk aversion decreases with wealth and increases with income. The results are consistent with the results of studies by Binswanger in India and elsewhere using a completely different method.... |
| Tipo: Journal Article |
Palavras-chave: Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 1987 |
URL: http://purl.umn.edu/22447 |
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| Bardsley, Peter; Abey, Arun; Davenport, Scott V.. |
| The necessary conditions for the existence of a financially viable crop insurance scheme against drought are examined. A supply and demand model for crop insurance is developed which identifies the parameters that are critical to the efficiency of such a scheme. The values of these parameters are estimated by using data from the Australian wheat industry. It is found that crop insurance against drought would appear to be unattractive from an efficiency point of view. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1984 |
URL: http://purl.umn.edu/22590 |
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| Bardsley, Peter; Cashin, Paul. |
| For the ten crop seasons 1979-80 to 1988-89, returns to producers in the Australian wheat industry were underwritten by a government-guaranteed price floor. Similar schemes operate in other rural industries (dairy, apples and pears, dried fruits). Although the underwriting provisions have only been triggered once (in the 1986-87 season), the provision of this scheme has acted to reduce the risk normally associated with returns to producers of wheat in all years of its operation. This reduction in risk has been granted free-of-charge by the Commonwealth Government. The guaranteed price can be viewed as a put option taken out by the Government on behalf of growers - it gives growers the option to sell to the Australian Wheat Board at this floor price. The... |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries. |
| Ano: 1990 |
URL: http://purl.umn.edu/22358 |
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