Risk,Risk Aversion,and On-Farm Soil Depletion |
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| Institution: | 1. Department of Statistics, Dongguk University—Seoul, Seoul, Republic of Korea;2. Department of Applied Statistics, Konkuk University, Seoul, Republic of Korea;1. School of Labor Economics, Capital University of Economics and Business, Beijing 10070, China;2. Institute for Energy, Environment and Sustainable Communities, University of Regina, Regina, Saskatchewan, S4S 0A2, Canada;3. Water Resources Research Institute, China Institute of Water Resources and Hydropower Research, Beijing 100038, China;4. College of Urban and Environmental Science, Peking University, Beijing 100871, China;5. College of Environmental Economic, Shanxi University of Finance & Economics, Taiyuan 030006, China;1. College of Economics, Qufu Normal University, Yantai Road 80#, Rizhao, Shandong Province, 276826, China;2. College of Business and Food Safety Research Base of Jiangsu Province, Jiangnan University, Lihu Avenue 1800#, Wuxi, Jiangsu Province, 214122, China;3. School of Management, Shanxi Medical University, No. 56, Xin-Jian S. Road, Taiyuan, Shanxi Province, 030001, China;4. Research Center for Food Safety Co-governance of Shandong Province, Qufu Normal University, Yantai Road 80#, Rizhao, Shandong Province, 276826, China;1. College of Water Resources & Civil Engineering, China Agricultural University, Beijing 100083, China;2. Institute for Energy, Environment and Sustainable Communities, University of Regina, Regina, Saskatchewan S4S 7H9, Canada;3. State Key Laboratory of Water Environment Simulation, School of Environment, Beijing Normal University, Beijing 100875, China |
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| Abstract: | This paper studies the production and attendant soil depletion choices of a risk-averse farmer in two related models. The first is a two-date model with uncertainty in both production and end-of-period land price. The second is a three-date model in which production and consumption choices are made in both periods, but there is uncertainty only in the second period. In both models, the paper identifies plausible conditions under which a higher level of initial farmer wealth and/or a lower level of production and land risk lead to a lower level of output and, as a result, a lower level of output-induced soil depletion. |
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