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https://hdl.handle.net/1959.11/14530
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DC Field | Value | Language |
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dc.contributor.author | Power, Brendan | en |
dc.contributor.author | Cacho, Oscar J | en |
dc.date.accessioned | 2014-04-03T14:05:00Z | - |
dc.date.issued | 2014 | - |
dc.identifier.citation | Agricultural Systems, v.125, p. 23-32 | en |
dc.identifier.issn | 1873-2267 | en |
dc.identifier.issn | 0308-521X | en |
dc.identifier.uri | https://hdl.handle.net/1959.11/14530 | - |
dc.description.abstract | In irrigated cropping, as with any other industry, profit and risk are inter-dependent. An increase in profit would normally coincide with an increase in risk, and this means that risk can be traded for profit. It is desirable to manage a farm so that it achieves the maximum possible profit for the desired level of risk. This paper identifies risk-efficient cropping strategies that allocate land and water between crop enterprises for a case study of an irrigated farm in Southern Queensland, Australia. This is achieved by applying stochastic frontier analysis to the output of a simulation experiment. The simulation experiment involved changes to the levels of business risk by systematically varying the crop sowing rules in a bioeconomic model of the case study farm. This model utilises the multi-field capability of the process based Agricultural Production System Simulator (APSIM) and is parameterised using data collected from interviews with a collaborating farmer. We found sowing rules that increased the farm area sown to cotton caused the greatest increase in risk-efficiency. Increasing maize area also improved risk-efficiency but to a lesser extent than cotton. Sowing rules that increased the areas sown to wheat reduced the risk-efficiency of the farm business. Sowing rules were identified that had the potential to improve the expected farm profit by ca. $50,000 Annually, without significantly increasing risk. The concept of the shadow price of risk is discussed and an expression is derived from the estimated frontier equation that quantifies the trade-off between profit and risk. | en |
dc.language | en | en |
dc.publisher | Elsevier BV | en |
dc.relation.ispartof | Agricultural Systems | en |
dc.title | Identifying risk-efficient strategies using stochastic frontier analysis and simulation: An application to irrigated cropping in Australia | en |
dc.type | Journal Article | en |
dc.identifier.doi | 10.1016/j.agsy.2013.11.002 | en |
dc.subject.keywords | Agricultural Production Systems Simulation | en |
dc.subject.keywords | Agricultural Economics | en |
dc.subject.keywords | Farming Systems Research | en |
local.contributor.firstname | Brendan | en |
local.contributor.firstname | Oscar J | en |
local.subject.for2008 | 070107 Farming Systems Research | en |
local.subject.for2008 | 140201 Agricultural Economics | en |
local.subject.for2008 | 070103 Agricultural Production Systems Simulation | en |
local.subject.seo2008 | 910210 Production | en |
local.profile.school | UNE Business School | en |
local.profile.email | brendan.power@daff.qld.gov.au | en |
local.profile.email | ocacho@une.edu.au | en |
local.output.category | C1 | en |
local.record.place | au | en |
local.record.institution | University of New England | en |
local.identifier.epublicationsrecord | une-20140130-12307 | en |
local.publisher.place | Netherlands | en |
local.format.startpage | 23 | en |
local.format.endpage | 32 | en |
local.identifier.scopusid | 84890914821 | en |
local.peerreviewed | Yes | en |
local.identifier.volume | 125 | en |
local.title.subtitle | An application to irrigated cropping in Australia | en |
local.contributor.lastname | Power | en |
local.contributor.lastname | Cacho | en |
dc.identifier.staff | une-id:ocacho | en |
local.profile.orcid | 0000-0002-1542-4442 | en |
local.profile.role | author | en |
local.profile.role | author | en |
local.identifier.unepublicationid | une:14745 | en |
local.identifier.handle | https://hdl.handle.net/1959.11/14530 | en |
dc.identifier.academiclevel | Academic | en |
dc.identifier.academiclevel | Academic | en |
local.title.maintitle | Identifying risk-efficient strategies using stochastic frontier analysis and simulation | en |
local.output.categorydescription | C1 Refereed Article in a Scholarly Journal | en |
local.search.author | Power, Brendan | en |
local.search.author | Cacho, Oscar J | en |
local.uneassociation | Unknown | en |
local.identifier.wosid | 000331925200003 | en |
local.year.published | 2014 | en |
local.subject.for2020 | 300205 Agricultural production systems simulation | en |
local.subject.for2020 | 300207 Agricultural systems analysis and modelling | en |
local.subject.for2020 | 380101 Agricultural economics | en |
local.subject.seo2020 | 150510 Production | en |
local.codeupdate.date | 2021-12-21T14:08:06.336 | en |
local.codeupdate.eperson | ocacho@une.edu.au | en |
local.codeupdate.finalised | true | en |
local.original.for2020 | undefined | en |
local.original.for2020 | 380101 Agricultural economics | en |
local.original.for2020 | 300205 Agricultural production systems simulation | en |
local.original.seo2020 | 150510 Production | en |
Appears in Collections: | Journal Article |
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