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Acreage Response to Price and Risk: The Case of Tobacco in Malawi

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  • Chembezi, Duncan M

Abstract

This article presents an empirical investigation of the importance of price and its riskiness among Malawi's commercial and smallholder tobacco producers. Employing a simple econometric risk model, the study finds commercial farmers to be both price-responsive and risk-averse. The response is, however, inelastic. Price risk is empirically less important among smallholder farmers. Substantial bias in estimated coefficients and overall model performance are observed when risk variables are omitted from the equation. This underscores the importance of risk consideration in supply response analyses. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Chembezi, Duncan M, 1991. "Acreage Response to Price and Risk: The Case of Tobacco in Malawi," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 18(1), pages 85-102.
    • Handle: RePEc:oup:erevae:v:18:y:1991:i:1:p:85-102
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    Cited by:

    1. Smale, Melinda, 1995. ""Maize is life": Malawi's delayed Green Revolution," World Development, Elsevier, vol. 23(5), pages 819-831, May.
    2. Townsend, Rob F. & van Zyl, Johan & Thirtle, Colin G., 1997. "Assessing the benefits of research expenditures on maize production in South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 36(4), pages 1-13, December.

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