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Risk Management Potential Of Precision Farming Technologies

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  • Lowenberg-DeBoer, James

Abstract

Initial ideas on risk management uses of precision agricultural technology focused on site-specific treatment of problem areas to reduce the probability of low yields and returns. Recent discussions deal with sensor and remote-sensing information to improve marketing and "as applied maps" as trace-back mechanisms to manage liability. A theoretical model is presented that suggests that there are plausible circumstances under which precision farming can reduce temporal yield variability. Empirical evidence from an on-farm trial of site-specific P&K management in the Eastern Cornbelt supports the hypothesis that precision farming can have risk-reducing benefits.

Suggested Citation

  • Lowenberg-DeBoer, James, 1999. "Risk Management Potential Of Precision Farming Technologies," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(2), pages 1-11, August.
    • Handle: RePEc:ags:joaaec:15366
    DOI: 10.22004/ag.econ.15366
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    References listed on IDEAS

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    1. Hien, Victor & Kabore, Daniel & Youl, Sansan & Lowenberg-DeBoer, J., 1997. "Stochastic dominance analysis of on-farm-trial data: The riskiness of alternative phosphate sources in Burkina Faso," Agricultural Economics, Blackwell, vol. 15(3), pages 213-221, January.
    2. Victor Hien & Daniel Kaboré & Sansan Youl & J. Lowenberg‐DeBoer, 1997. "Stochastic dominance analysis of on‐farm‐trial data: The riskiness of alternative phosphate sources in Burkina Faso," Agricultural Economics, International Association of Agricultural Economists, vol. 15(3), pages 213-221, January.
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    Cited by:

    1. Mkondiwa, Maxwell Gibson, 2015. "Whither Broad or Spatially Specific Fertilizer Recommendations?," Master's Theses and Plan B Papers 237344, University of Minnesota, Department of Applied Economics.
    2. Popp, Jennie S. Hughes & Griffin, Terry W., 2000. "Profitability Of Variable Rate Phosphorus In A Two Crop Rotation," 2000 Annual meeting, July 30-August 2, Tampa, FL 21806, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Shockley, Jordan M. & Dillon, Carl R. & Stombaugh, Timothy S., 2011. "A Whole Farm Analysis of the Influence of Auto-Steer Navigation on Net Returns, Risk, and Production Practices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 43(1), pages 57-75, February.
    4. Banerjee, Swagata (Ban) & Martin, Steven W. & Roberts, Roland K. & Larkin, Sherry L. & Larson, James A. & Paxton, Kenneth W. & English, Burton C. & Marra, Michele C. & Reeves, Jeanne M., 2008. "A Binary Logit Estimation of Factors Affecting Adoption of GPS Guidance Systems by Cotton Producers," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(1), pages 1-11, April.
    5. Stefanini, Melissa & Larson, James A. & Boyer, Christopher N. & Cho, Seong-Hoon & Lambert, Dayton & Yin, Xinhua, 2015. "Profitability of Variable-Rate Technology in Cotton Production," 2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia 196995, Southern Agricultural Economics Association.
    6. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
    7. Tozer, Peter R., 2009. "Uncertainty and investment in precision agriculture - Is it worth the money?," Agricultural Systems, Elsevier, vol. 100(1-3), pages 80-87, April.
    8. Walton, Jonathan C. & Lambert, Dayton M. & Roberts, Roland K. & Larson, James A. & English, Burton C. & Larkin, Sherry L. & Martin, Steven W. & Marra, Michele C. & Paxton, Kenneth W. & Reeves, Jeanne , 2008. "Adoption and Abandonment of Precision Soil Sampling in Cotton Production," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(3), pages 1-21.
    9. Vorotnikova, Ekaterina & Borisova, Tatiana & VanSickle, John J., 2014. "Evaluation of the profitability of a new precision fungicide application system for strawberry production," Agricultural Systems, Elsevier, vol. 130(C), pages 77-88.
    10. Leppälä, Jarkko & Rautiainen, Risto & Kauranen, Ilkka, 2015. "Analysis of risk management tools applicable in managing farm risks: A literature review," International Journal of Agricultural Management, Institute of Agricultural Management, vol. 4(3), April.
    11. Paxton, Kenneth W. & Mishra, Ashok K. & Chintawar, Sachin & Larson, James A. & Roberts, Roland K. & English, Burton C. & Lambert, Dayton M. & Marra, Michele C. & Larkin, Sherry L. & Reeves, Jeanne M. , 2010. "Precision Agriculture Technology Adoption for Cotton Production," 2010 Annual Meeting, February 6-9, 2010, Orlando, Florida 56486, Southern Agricultural Economics Association.
    12. Powers, Laura & Dillon, Carl R. & Isaacs, Steven G. & Shearer, Scott A., 2003. "Risk Management Tools In Precision Agriculture," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35129, Southern Agricultural Economics Association.
    13. Roberts, Roland K. & English, Burton C. & Larson, James A. & Cochran, Rebecca L. & Goodman, W. Robert & Larkin, Sherry L. & Marra, Michele C. & Martin, Steven W. & Reeves, Jeanne M. & Shurley, W. Dona, 2002. "Precision Farming by Cotton Producers in Six Southern States: Results from the 2001 Southern Precision Farming Survey," Research Reports 91331, University of Tennessee, Department of Agricultural and Resource Economics.

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