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Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance.

Ritchie, J.W. and Abawi, G.Y. and Dutta, S.C. and Harris, T.R. and Bange, M. (2004) Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance. The Australian Journal of Agricultural and Resource Economics, 48 (1). pp. 65-93.

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Article Link(s): http://dx.doi.org/10.1111/j.1467-8489.2004.00236.x

Publisher URL: http://www.blackwell-synergy.com

Abstract

Decision-making in agriculture is carried out in an uncertain environment with farmers often seeking information to reduce risk. As a result of the extreme variability of rainfall and stream-flows in north-eastern Australia, water supplies for irrigated agriculture are a limiting factor and a source of risk. The present study examined the use of seasonal climate forecasting (SCF) when calculating planting areas for irrigated cotton in the northern Murray Darling Basin. Results show that minimising risk by adjusting plant areas in response to SCF can lead to significant gains in gross margin returns. However, how farmers respond to SCF is dependent on several other factors including irrigators’ attitude towards risk.

Item Type:Article
Corporate Creators:Plant Science
Additional Information:© Blackwell Publishing Ltd.
Keywords:Seasonal climate forecasting; SCF; cotton; Murray Darling; risk management.
Subjects:Agriculture > Agriculture (General) > Agricultural meteorology. Crops and climate
Plant culture > Field crops > Textile and fibre plants
Deposited On:28 Jun 2004
Last Modified:05 Oct 2010 03:25

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