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2008 International Congress, August 26-29, 2008, Ghent, Belgium >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/43958
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| Title: | Production risk in multi-output industries: estimates from Norwegian dairy farms |
| Authors: | Tveteras, Ragnar
Flaten, Ola
Lien, Gudbrand D. |
| Keywords: | Multi-output technologies
production
risk
dairy farming |
| Issue Date: | 2008 |
| Abstract: | Farmers who produce multiple outputs are
portfolio managers in the sense that they use inputs to balance
expected economic return and variance of return. This paper
estimates the structure of the stochastic multi-output
production technology in Norwegian dairy farming, allowing
for a more flexible specification of the technology than
previous studies. We find that an increase in input levels leads
primarily to higher output variability, and that inputs also
influence the covariance of shocks between outputs. Risk-reducing
effects of inputs on outputs are primarily present in
the covariance functions. Technical change leads to shifts in
the profit distribution over the data period, but no welfare
improvement for risk-averse farmers. |
| URI: | http://purl.umn.edu/43958 |
| Institution/Association: | European Association of Agricultural Economists>2008 International Congress, August 26-29, 2008, Ghent, Belgium |
| Total Pages: | 14 |
| Collections: | 2008 International Congress, August 26-29, 2008, Ghent, Belgium
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