Productivity and Producer Welfare in the Presence of Production Risk
提出一个包含全要素生产率、生产风险和农民风险偏好的福利指标，并用西班牙奶牛场数据说明TFP增长可能被风险溢价上升抵消，导致福利下降。
Abstract Production risk is an inherent characteristic of agriculture and changes in production risk will affect the welfare of risk‐averse producers. Using standard concepts from the literature on uncertainty, we introduce a welfare measure which comprises total factor productivity (TFP), production risk and farmer risk preferences, and which reflects the impact on producer welfare of changes in production technology. An empirical application is carried out using data from a sample of Spanish dairy farms which shows how the positive impact of increases in TFP on welfare can be offset by increases in the risk premium (‘cost of risk’) to the point where welfare may decrease.