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

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Ritchie, J. W., Abawi, G. Y., Dutta, S. C., Harris, T. R. and Bange, M. (2004) Risk management strategies using seasonal climate forecasting in irrigated cotton production: A tale of stochastic dominance. Australian Forestry, 48 (1). pp. 65-93. ISSN 0004-9158

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Article Link: https://doi.org/10.1111/j.1467-8489.2004.00236.x

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
Subjects:Agriculture > Agriculture (General) > Agricultural meteorology. Crops and climate
Live Archive:31 Jan 2024 02:02
Last Modified:31 Jan 2024 02:02

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