Optimal Grazing Pressure under Output Price and Production Uncertainty with Alternative Functional Forms

This study uses a Cox parametric bootstrap test to select between two specifications of the von Liebig hypothesis, a switching regression model and a non-linear mixed stochastic plateau function. The selected production function was used to determine optimal stocking density for dual-purpose winter wheat, under production and output price uncertainty. The switching regression approach was rejected in favor of the non-linear mixed stochastic plateau function. The relatively small difference in optimal stocking density between risk aversion and risk neutrality suggests that risk-aversion is much less important in explaining producer response to uncertainty than is nonlinearity in the production function.

• Publication year

  2003

• Venue

  Unknown venue

• Publication date

  Unknown publication date

• Fields of study

  Agricultural and Food Sciences, Economics

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  No identifiers available.

• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

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