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Economic Evaluation of Fertilizer Reduction Incentive Programs for Rice Producers

Author

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  • Falconer, Lawrence L.
  • Walker, Timothy W.
  • Richardson, James W.

Abstract

Producers are beginning to be provided the opportunity to participate in incentive programs to reduce application rates of fertilizer. This paper demonstrates three methods of arriving at a recommendation on program participation. Two methods employ commonly used production functions and economic optimization techniques. The economic evaluation of this decision is relatively difficult using these traditional methods. The third technique employs Monte Carlo simulation to include risk analysis in the program participation decision utilizing commonly available software. This method allows a greater level of information to be presented in a more straightforward manner to decision makers.

Suggested Citation

  • Falconer, Lawrence L. & Walker, Timothy W. & Richardson, James W., 2014. "Economic Evaluation of Fertilizer Reduction Incentive Programs for Rice Producers," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2014, pages 1-15.
    • Handle: RePEc:ags:jasfmr:197112
    DOI: 10.22004/ag.econ.197112
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    File URL: https://ageconsearch.umn.edu/record/197112/files/411-Falconer_reduced.pdf
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    References listed on IDEAS

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    1. Brorsen, B. Wade, 2013. "Using Bayesian Estimation and Decision Theory to Determine the Optimal Level of Nitrogen in Cotton," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142951, Southern Agricultural Economics Association.
    2. Gelson Tembo & B. Wade Brorsen & Francis M. Epplin & Emílio Tostão, 2008. "Crop Input Response Functions with Stochastic Plateaus," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(2), pages 424-434.
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    Cited by:

    1. Frederic Ouedraogo & B. Wade Brorsen, 2018. "Hierarchical Bayesian Estimation of a Stochastic Plateau Response Function: Determining Optimal Levels of Nitrogen Fertilization," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 66(1), pages 87-102, March.

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