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Risk, Research, and Returns: Valuation of the Potential of Improved Citrus Cultivars

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  • Brummett, Robert G.
  • Richardson, James W.

Abstract

The U.S. citrus industry faces potentially devastating losses due to diseases currently infecting or threatening citrus groves. Potential exists in the development of genetically modified citrus trees that are resistant to disease. Growers face risk not only from losses attributable to disease, but also in their decisions to invest in establishing groves. Scenarios including hypothetical disease resistant citrus cultivars as well as forecasted tree losses, fruit prices, and costs are modeled and evaluated with risk ranking to identify the potential benefit of adopting improved citrus cultivars. Returns to the grower are the primary focus, however, returns to organizations producing disease resistant cultivars are also modeled.

Suggested Citation

  • Brummett, Robert G. & Richardson, James W., 2008. "Risk, Research, and Returns: Valuation of the Potential of Improved Citrus Cultivars," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6759, Southern Agricultural Economics Association.
    • Handle: RePEc:ags:saeaed:6759
    DOI: 10.22004/ag.econ.6759
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    References listed on IDEAS

    as
    1. J. Brian Hardaker & James W. Richardson & Gudbrand Lien & Keith D. Schumann, 2004. "Stochastic efficiency analysis with risk aversion bounds: a simplified approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(2), pages 253-270, June.
    2. Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-17, August.
    3. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    4. repec:ags:joaaec:v:32:y:2000:i:2:p:299-315 is not listed on IDEAS
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