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European Review of Agricultural Economics Advance Access originally published online on July 7, 2006
European Review of Agricultural Economics 2006 33(3):269-288; doi:10.1093/erae/jbl014
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© Oxford University Press and Foundation for the European Review of Agricultural Economics 2006; all rights reserved. For permissions, please email journals.permissions@oxfordjournals.org

Effects of decoupling on the mean and variability of output

Teresa Serra

Centre de Recerca en Economia i Desenvolupament Agroalimentaris (CREDA)-UPC-IRTA, Barcelona, Spain

David Zilberman

University of California, Berkeley, California, USA

Barry K. Goodwin

North Carolina State University, Raleigh, North Carolina, USA

Allen Featherstone

Kansas State University, Manhattan, Kansas, USA

Corresponding author: Teresa Serra, CREDA-UPC-IRTA, Parc Mediterrani de la Tecnologia Edifici ESAB, Despatx 130, Avinguda del Canal Olímpic, s/n 08860 Castelldefels, Spain Telephone: +34 93 552 1209. Fax: +34 93 552 1001. E-mail: teresa.serra-devesa{at}upc.edu

Received April 2005; final version received June 2006

The influence of inputs on output risk in the context of agricultural production decisions taken by non-risk neutral agents has been ignored by previous research assessing the effects of decoupled income support payments in a deterministic world or risk-neutral framework. We study the impacts of decoupled payments on input use and on output mean and variance. Our theoretical framework for studying agricultural producers' responses to lump sum payments allows for both output and price uncertainty and economic agents' risk attitudes. Results show the importance, in a non-risk neutral scenario, of considering the influence that economic agents have on the stochastic component of output through input use. Our empirical application uses Kansas farm-level data to illustrate the model.

Keywords: decoupling, output risk, price risk, risk preferences, Just–Pope production function


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