State-contingent production technology formulation: Identifying states of nature using reduced-form econometric models of crop yield (Record no. 134192)

MARC details
000 -LEADER
fixed length control field 02538nam a2200217Ia 4500
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 241008s9999||||xx |||||||||||||| ||und||
022 ## - INTERNATIONAL STANDARD SERIAL NUMBER
International Standard Serial Number 1467-8276
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Bokusheva, Raushan
9 (RLIN) 122003
245 #0 - TITLE STATEMENT
Title State-contingent production technology formulation: Identifying states of nature using reduced-form econometric models of crop yield
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Name of publisher, distributor, etc. American Journal of Agricultural Economics
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2024
300 ## - PHYSICAL DESCRIPTION
Extent 805-827
520 ## - SUMMARY, ETC.
Abstract Conducting experiments can be time consuming and expensive, and may not always be reasonable. Therefore, empirical research often derives structural parameters based on observational data and reduced-form econometric models. The state-contingent approach presents a consistent conceptual framework for analyzing producer decisions under uncertainty. However, application of this structural modeling approach has been hampered by data constraints, particularly the lack of information for mapping producers' stochastic outputs onto a set of the states of nature representing different uncertain events. Consistent mapping of uncertainty is particularly critical in the context of multiple output production where weather shocks often have different effects across crops and in microeconometric analyses when unobserved farm heterogeneity may confound the effect of uncertainty. Our study demonstrates how the application of reduced-form approaches can overcome constraints of structural econometric modeling associated with the lack of relevant data and presents an approach for identifying states of nature in the context of multiple output production using reduced-form econometric models of crop yield. In an empirical application based on Hungarian farm accountancy data, we demonstrate that the proposed approach allows a consistent mapping of production uncertainty in crop farming, utilizes panel data structure, and controls for potential endogeneity due to unobserved farm heterogeneity. We anticipate the presented approach to be useful for developing further the state-contingent approach and to stimulate further studies combining the strengths of structural approaches and reduced-form models.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Production Analysis Under Uncertainty
9 (RLIN) 122004
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Quasi-Experimental Data
9 (RLIN) 122005
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element State-Contingent Approach
9 (RLIN) 122006
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Structural and Reduced-Form Models
9 (RLIN) 122007
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Identification Problem
9 (RLIN) 122008
700 ## - ADDED ENTRY--PERSONAL NAME
Personal name Barath, Lajos
9 (RLIN) 122009
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/ajae.12424">https://onlinelibrary.wiley.com/doi/abs/10.1111/ajae.12424</a>
999 ## - SYSTEM CONTROL NUMBERS (KOHA)
Koha biblionumber 134192
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        Dr VKRV Rao Library Dr VKRV Rao Library 08/10/2024 Vol. 106, No. 2   AI476 08/10/2024 08/10/2024 Article Index