Acreage Decisions Under Risk: The Case of Corn and Soybeans
构建了预期效用最大化下的种植面积供给反应模型，用于估计美国玉米和大豆的风险响应面积方程，发现风险、财富变量及跨商品风险降低对种植面积决策有重要影响。
Abstract An acreage supply response model is developed under expected utility maximization. The resulting framework is used to specify and estimate a system of risk‐responsive acreage equations for corn and soybeans in the United States. Particular attention is given to the truncation effects of government price supports on the distribution of corn and soybean prices. Also, a wealth variable is included in the acreage equations. The empirical results indicate that risk and wealth variables play an important role in corn‐soybean acreage decisions. The analysis also shows that cross‐commodity risk reduction is important in acreage allocation decisions.