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Measurement of Importance of Risk on Supply Response of Corn and Soybeans

Author

Listed:
  • W.L. Nieuwoudt
  • Abner W. Womack
  • Stanley R. Johnson
Abstract
Risk response was included at the aggregate level in positive supply models for corn and soybeans. The welfare cost of risk was measured, allowing for interactions between product demand and supply functions as well as in the risk specification. Impacts of risk response are simulated within a simultaneous equation modeling system. Findings indicate that consumers gain but producers lose from reduction in risk. The social cost of risk as a percentage of the value of the crop was estimated for corn and soybeans at 0.36 percent and 0.35 percent, respectively.

Suggested Citation

  • W.L. Nieuwoudt & Abner W. Womack & Stanley R. Johnson, 1988. "Measurement of Importance of Risk on Supply Response of Corn and Soybeans," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 10(2), pages 281-292.
    • Handle: RePEc:oup:revage:v:10:y:1988:i:2:p:281-292.
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    File URL: http://hdl.handle.net/10.1093/aepp/10.2.281
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    Cited by:

    1. Meilke, Karl D. & Weersink, Alfons, 1991. "An Analysis of the Effects of Government Payments to Grain and Oilseeds Producers on Cropping Decisions," Working Papers 244081, Agriculture and Agri-Food Canada.
    2. Lee, Jung-Hee & Brorsen, B. Wade, 1994. "Effect of Risk Aversion on Feeder Cattle Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 26(2), pages 386-392, December.
    3. Abedullah & Mubaraik Ali, 2006. "Quantifying the Extent and Nature of Risk in Alternative Cropping Patterns in Claveria, Philippines," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 261-280.
    4. Krause, Joyce Hall & Brorsen, B. Wade, 1995. "Outcomes of government corn support policies under alternate assumptions of risk," Journal of Policy Modeling, Elsevier, vol. 17(3), pages 279-291, June.
    5. Hall, Joyce A. & Brorsen, B. Wade, 1989. "The Policy Implications of Corn and Soybean·Supply Response to Risk," 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana 270502, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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