The Aggregate Effects of Risk in Agricultural Sector
扩展了面对随机产出价格的企业理论，纳入行业均衡条件，发现风险和政策变化会资本化到土地价格中，产生财富或收入效应而非替代效应，对农业政策分析有重要参考价值。
Abstract The theory of the firm facing a random output price is extended to include industry equilibrium conditions in a way particularly important for agriculture. Land prices adjust to maintain industry equilibrium. The comparative statics and the effects of policy for the firm are significantly altered. The main finding is that risk and other parameter changes are capitalized into the price of land and yield wealth or income effects rather than substitution effects. This often simplifies the analysis.