Uncertainty and technical efficiency in Finnish agriculture: A state-contingent approach

Nauges, Céline, O'Donnell, Christopher J. and Quiggin, John (2011) Uncertainty and technical efficiency in Finnish agriculture: A state-contingent approach. European Review of Agricultural Economics, 38 (4). pp. 449-467.

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Official URL: http://tse-fr.eu/pub/28896

Abstract

In this article, we present one of the first real-world empirical applications of state-contingent production theory. Our state-contingent behavioural model allows us to analyse production under both inefficiency and uncertainty without regard to the nature of producer risk preferences. Using farm data for Finland, we estimate a flexible production model that permits substitutability between state-contingent outputs. We test empirically and reject an assumption that has been implicit in almost all efficiency studies conducted in the last three decades, namely that the production technology is output-cubical, i.e. that outputs are not substitutable between states of nature.

Item Type: Article
Language: English
Date: 2011
Refereed: Yes
Uncontrolled Keywords: State-contingent production theory, uncertainty, inefficiency, Finland
JEL codes: D81 - Criteria for Decision-Making under Risk and Uncertainty
Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
Q18 - Agricultural Policy; Food Policy
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 16 Mar 2015 14:54
Last Modified: 07 Mar 2018 13:23
OAI ID: oai:tse-fr.eu:28896
URI: http://publications.ut-capitole.fr/id/eprint/16664

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