Stochastic Dominance in Wheat Variety Development and Release Strategies

Variety development and release decisions involve tradeoffs between yields and characteristics valued by end-users, as well as uncertainties about agronomic, quality, and economic variables. In this study, methods are developed to determine the value of varieties to growers and end-users including the effects of variability in economic, agronomic, and quality variables. The application is to hard red spring (HRS) wheat, a class of wheat for which these tradeoffs and risks are particularly apparent. Results indicate two experimental varieties provide improvements in grower and end-user value, relative to incumbents. Stochastic dominance techniques and statistical tests are applied to determine efficient sets and robustness of the results. A risk-adjusted portfolio model, which simultaneously incorporates correlations between grower and end-use characteristics, is also developed to compare the portfolio value of varieties.


Issue Date:
2004-04
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/31141
Published in:
Journal of Agricultural and Resource Economics, Volume 29, Number 1
Page range:
94-111
Total Pages:
18




 Record created 2017-04-01, last modified 2017-11-21

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