Economic instability and choices involving income and risk in primary or crop production

Date
2017-06-12
Authors
Heady, Earl
Kehrberg, Earl
Jebe, Emil
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Abstract

Economic uncertainty is the foremost problem in Iowa agriculture. Because of the several forces which have their roots in uncertainty, farmers produce the wrong combinations of crops and livestock. Products are often produced by techniques and on scales which are inconsistent with the most efficient use of agricultural resources. Perfect foresight in farming would allow perfect decisions in the use of all resources. While perfect foresight is impossible, the sources of uncertainty in the form of yield, cost and price variability can be analyzed.

The current study is a fundamental one dealing with (a) the basic nature and relationships of variability in primary or crop production in Iowa, (b) the possibilities of lessening and minimizing variability through diversified production patterns and resource use and (c) the fundamentals of choice dealing with alternatives of income and variability.

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