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A review of crop-insurance schemes is followed by a discussion of a guaranteed-yield, crop-insurance plan. General formulae for the distribution function and mathematical expectation of indemnities for the insurance plan are presented in terms of the distribution of crop yields. Three special...
Persistent link: https://www.econbiz.de/10005493351
Twenty-one pastoralists in the West Darling region of New South Wales were interviewed to gain an understanding of the attitudes of managers in this high-risk pastoral area to uncertain prospects. It was found that pastoralists had no difficulty in specifying subjective probabilities but in...
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This paper presents a metafrontier production function model for firms in different groups having different technologies. The metafrontier model enables the calculation of comparable technical efficiencies for firms operating under different technologies. The model also enables the technology...
Persistent link: https://www.econbiz.de/10009448409
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In livestock feeding experiments the problem of recursiveness arises because the quantity of feed consumed by an animal is a function of its past history of feeding. The problem is most acute where experiments are designed to analyse sub ad lib feeding. The analysis of such experiments...
Persistent link: https://www.econbiz.de/10005525502
The significance of statistical lack-of-fit tests for hypothesized response functions describing experimental data is traced in some of the recent agricultural economics literature. The statistical test is reviewed in a regression framework and it is shown that the test is related to testing...
Persistent link: https://www.econbiz.de/10005480518
This paper considers a statistical model for a production frontier that is consistent with the traditional (nonstochastic) definition of a production function given in microeconomic theory. Limiting cases of the model are the familiar average production function and an envelope production...
Persistent link: https://www.econbiz.de/10005493312