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Generalized safety first and the planting of crops

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  • M. Ryan Haley

Abstract

This article adapts a modern shortfall-based portfolio selection rule developed by Stutzer (2000) and Haley and Whiteman (2008) to the farm manager's land allocation problem. The approach provides a useful normative model of land allocation that obviates distributional assumptions and expected utility specifications, and one that selects an optimal allocation that weighs skewness and other higher order moments in addition to mean and variance. This is of particular interest because crop returns often exhibit skewness, which is not accounted for by traditional Mean-Variance (MV)-based approaches. The rule is demonstrated using the data from Lence and Hart (1997).

Suggested Citation

  • M. Ryan Haley, 2012. "Generalized safety first and the planting of crops," Applied Economics Letters, Taylor & Francis Journals, vol. 19(6), pages 511-515, April.
    • Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:511-515
    DOI: 10.1080/13504851.2011.587759
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    Cited by:

    1. Briner, Simon & Finger, Robert, 2012. "Bio-economic modelling of decisions under yield and price risk for suckler cow farms," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122547, European Association of Agricultural Economists.
    2. M. Ryan Haley, 2017. "K-fold cross validation performance comparisons of six naive portfolio selection rules: how naive can you be and still have successful out-of-sample portfolio performance?," Annals of Finance, Springer, vol. 13(3), pages 341-353, August.
    3. Djanibekov, Utkur & Finger, Robert, 2018. "Agricultural risks and farm land consolidation process in transition countries: The case of cotton production in Uzbekistan," Agricultural Systems, Elsevier, vol. 164(C), pages 223-235.

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