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| Registros recuperados: 19 | |
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| Chambers, Robert G.; Quiggin, John C.. |
| In the present paper, risk‐management problems where farmers manage risk both through production decisions and through the use of market‐based and informal risk‐management mechanisms are considered. It is shown that many of these problems share a common structure, and that a unified and informative treatment of a broad spectrum of risk‐management tools is possible within a cost‐minimisation framework, under minimal conditions on their objective functions. Fundamental results are derived that apply regardless of the producer's preference towards risks, using only the no‐arbitrage condition that agricultural producers never forego any opportunity to lower costs without lowering returns. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/117960 |
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| Chambers, Robert G.; Phipps, Tim T.. |
| A farmers choices of tenure and farm size result from a complex interplay of economic factors technology, entrepreneurial ability, and personal preferences. This paper examines the qualitative effects of these factors on tenure and farm size in a dynamic optimization framework. One implication of the theoretical model is that changes in technology should cause systematic differences to be observed between rates of return on farmland and rates earned on comparable long-term assets. This implication is supported by an empirical test. |
| Tipo: Journal Article |
Palavras-chave: Land Economics/Use. |
| Ano: 1988 |
URL: http://purl.umn.edu/32120 |
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| Chambers, Robert G.; Quiggin, John C.. |
| This paper presents a unified treatment of the production and financial decisions available to a firm facing frictionless financial markets and a stochastic production technology under minimal assumptions on the firm's stochastic technology and objective function. The key concept is that of a 'derivative-cost function', which gives the minimal cost (maximal buying price) of constructing an asset by combining financial and real production activities. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2002 |
URL: http://purl.umn.edu/28571 |
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| Chambers, Robert G.; Quiggin, John C.. |
| This paper presents a unified treatment of the production and financial decisions available to a firm facing frictionless financial markets and a stochastic production technology under minimal assumptions on the firm's stochastic technology and objective function. The specific focus is on separation results for stochastic technologies, that is, on conditions under which the optimal production decision may be determined without regard to the risk preferences of the firm's owners. Necessary and sufficient conditions for separation, which generalize existing results, are presented. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics; Production Economics; Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/28561 |
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| Registros recuperados: 19 | |
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