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The Aggregate Effects of Risk in Agricultural Sector

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  • Jack Meyer
  • Lindon J. Robison

Abstract

The theory of the firm facing a random output price is extended to include industry equilibrium conditions in a way particularly important for agriculture. Land prices adjust to maintain industry equilibrium. The comparative statics and the effects of policy for the firm are significantly altered. The main finding is that risk and other parameter changes are capitalized into the price of land and yield wealth or income effects rather than substitution effects. This often simplifies the analysis.

Suggested Citation

  • Jack Meyer & Lindon J. Robison, 1991. "The Aggregate Effects of Risk in Agricultural Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(1), pages 18-24.
    • Handle: RePEc:oup:ajagec:v:73:y:1991:i:1:p:18-24.
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    File URL: http://hdl.handle.net/10.2307/1242879
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