Technology Adoption under Production Uncertainty: Theory and Application to Irrigation Technology
构建理论框架分析农民在面临水资源短缺等生产不确定性时采用高效灌溉技术的条件，并用希腊克里特岛265个农场的实证数据表明，采用新技术是为了对冲生产风险，且人力资本也起重要作用。
We propose a theoretical framework to analyze the conditions under which a farmer facing production uncertainty (due to a possible water shortage) and incomplete information will adopt a more efficient irrigation technology. A reduced form of this model is empirically estimated using a sample of 265 farms located in Crete, Greece. The empirical results suggest that farmers choose to adopt the new technology in order to hedge against production risk. In addition, we show that the farmer's human capital also plays a significant role in the decision to adopt modern, more efficient irrigation equipment.