Technological and financial approaches to risk management in agriculture: an integrated approach

Robert Chambers, J. Quiggin

    Research output: Contribution to journalArticle

    19 Citations (Scopus)

    Abstract

    In the present paper, risk-management problems where farmers manage risk both through production decisions and through the use of market-based and informal risk-management mechanisms are considered. It is shown that many of these problems share a common structure, and that a unified and informative treatment of a broad spectrum of risk-management tools is possible within a cost-minimisation framework, under minimal conditions on their objective functions. Fundamental results are derived that apply regardless of the producer's preference towards risks, using only the no-arbitrage condition that agricultural producers never forego any opportunity to lower costs without lowering returns.
    Original languageEnglish
    Pages (from-to)199-223
    JournalAustralian Journal of Agricultural and Resource Economics
    Volume48
    Issue number2
    DOIs
    Publication statusPublished - 2004

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