Impact of Risk Aversion on Whole-Farm Management in Syria

Australian Journal of Agricultural and Resource Economics, 42: 227-247, DOI: 10.1111/1467-8489.00048

Posted: 17 Sep 2012

See all articles by David J. Pannell

David J. Pannell

University of Western Australia

Thomas L. Nordblom

Graham Centre for Agricultural Innovation (Charles Sturt University & NSW DPI)

Date Written: 1998

Abstract

This article reports on a study of the impact of risk on farm management practices in northern Syria, focusing particularly on how these are affected by risk aversion and farm size. The study is based on production data from an eight-year field trial and on prices from market surveys. A large linear programming model is built, representing the eight years as observations from a discrete probability distribution. Risk aversion is modelled by inclusion of a utility function with constant relative risk aversion, represented using the DEMP/UEP approach.

Keywords: Risk analysis, Bioeconomic, Optimization, Linear programming, Discrete stochastic model, Whole-farm, Sensitivity analysis, Farm size, Sheep, Nutritive requirements, Stocking rates, Sown pasture, Production practices, Family labor, Hired labor, Costs, Prices, Crop budgets, Crop rotations, Wheat, Fall

Suggested Citation

Pannell, David J. and Nordblom, Thomas L., Impact of Risk Aversion on Whole-Farm Management in Syria (1998). Australian Journal of Agricultural and Resource Economics, 42: 227-247, DOI: 10.1111/1467-8489.00048 . Available at SSRN: https://ssrn.com/abstract=2147566

David J. Pannell

University of Western Australia ( email )

35 Stirling Highway
Crawley, Western Australia 6009
AUSTRALIA
(08) 9844 8659 (Phone)
(08) 9844 8659 (Fax)

HOME PAGE: http://www.general.uwa.edu.au/u/dpannell/welcome.html

Thomas L. Nordblom (Contact Author)

Graham Centre for Agricultural Innovation (Charles Sturt University & NSW DPI) ( email )

Albert Pugsley Place
Wagga Wagga, NSW 2650
Australia
+61419290428 (Phone)

HOME PAGE: http://www.csu.edu.au/research/grahamcentre/our-people/members2/tom-nordblom

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