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The Ricardian Rent and the Allocation of Land under Uncertainty

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  • Chavas, Jean-Paul

Abstract

Risk and risk aversion are introduced in a Ricardian model of the pricing and allocation of land. The rental price of land and agricultural production decisions are analysed in a market equilibrium context. It is shown how uncertainty influences the Ricardian rent, farm output, the average productivity of the land, and the nature of market equilibrium. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Chavas, Jean-Paul, 1993. "The Ricardian Rent and the Allocation of Land under Uncertainty," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 20(4), pages 451-469.
    • Handle: RePEc:oup:erevae:v:20:y:1993:i:4:p:451-69
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    Cited by:

    1. Alexander E. Saak, 2004. "Spatial Production Concentration under Yield Risk and Risk Aversion," Food and Agricultural Policy Research Institute (FAPRI) Publications (archive only) 04-wp362, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    2. Takeshima, Hiroyuki & Hatzenbuehler, Patrick L. & Edeh, Hyacinth O., 2020. "Effects of agricultural mechanization on economies of scope in crop production in Nigeria," Agricultural Systems, Elsevier, vol. 177(C).
    3. Cornelia Luchsinger & Adrian Müller, 2003. "Incentive Compatible Extraction of Natural Resource Rent," CEPE Working paper series 03-21, CEPE Center for Energy Policy and Economics, ETH Zurich.
    4. Banfi, Silvia & Filippini, Massimo & Mueller, Adrian, 2005. "An estimation of the Swiss hydropower rent," Energy Policy, Elsevier, vol. 33(7), pages 927-937, May.
    5. Jean-Paul Chavas, 2008. "On the economics of agricultural production ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(4), pages 365-380, December.
    6. Drescher, Klaus & McNamara, Kevin T., 1999. "Determinants of German farmland prices," ERSA conference papers ersa99pa043, European Regional Science Association.

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