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| Title: | An Application of Stochastic Econometric Production Risk Model: The Case of Egyptian Cotton Production |
| Author: | Odhiambo, Mark Ollunga |
| Year: | 1987 |
| Periodical: | Eastern Africa Economic Review |
| Volume: | 3 |
| Issue: | 2 |
| Period: | December |
| Pages: | 131-142 |
| Language: | English |
| Geographic term: | Egypt |
| Subjects: | cotton Agriculture, Natural Resources and the Environment Economics and Trade Development and Technology |
| Abstract: | The traditional econometric model is often criticized for being restrictive and for its inability to handle risk analysis systematically. In this study a flexible stochastic risk model specification proposed by R.E. JUST and R.D. POPE (1978) is adopted for the empirical analysis of Egyptian cotton production. The results obtained from the model indicate that labour, land, nitrogen fertilizer, animal power for irrigation, mechanical power for land preparation, pesticides and early planting are still mean production increasing. Analysis of the variance function component of the model shows that nitrogen fertilizer, pesticides, animal power (for both land preparation and irrigation), mechanical power for irrigation and berseem clover in rotation with cotton are still risk reducing. However, labour, land, mechanical power for land preparation, early planting and the use of extra-long staple cotton varieties all tend to increase risk in cotton production. For policy implications, therefore, government controls over the industry must take these aspects into account when drawing up plans for farmers. Bibliogr., note. |