LaFrance, Jeffrey Thomas; Tack, Jesse; Pope, Rulon; … - Department of Econometrics and Business Statistics, … - 2012
Agricultural production is subject to supply risk. Expected and realized farm outputs and output prices are unknown and … decisions of owner/operators who face output and output price risk, and who have opportunities to invest in a conditionally risk …, investment, and consumption under risk. We apply this model at the national-level to crop and livestock production for the years …