July 29-410-Naveen Adusumilli
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2019 SWCS International Annual Conference July 28-31, 2019 Pittsburgh, Pennsylvania
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July 29-410-Naveen Adusumilli
- 1. Risk-return framework in conservation evaluation: An application to cover crop use in different soil types 74th SWCS International Annual Conference July 2019 Pittsburgh, PA
- 2. Environmental Quality Incentives Program (EQIP) obligations amounted to $1.4 Billion in FY 2018 Incentives often reflect cost of practice implementation Individuals differ in their risk-taking (or avoiding) behavior Adoption patterns - perceived risk
- 3. SERF (Stochastic Efficiency with Respect to a Function) evaluates profitability and risk efficiency of conservation alternatives under general assumptions of the utility function Allows estimation of certainty equivalents (CEs) and risk premiums --- the amount that one is willing to pay to maintain or modify their current practice
- 4. Soybean yield following cover crop use in two soil types Practice Silt Loam Soil Practice Clay Soil Crimson Clover—Low 48.55 Crimson Clover—Low 47.99 Crimson Clover—Medium 50.29 Crimson Clover—Medium 47.42 Crimson Clover—High 49.32 Crimson Clover—High 45.71 Rye—Low 52.09 Rye—Low 42.33 Rye—Medium 48.85 Rye—Medium 45.78 Rye—High 47.11 Rye—High 46.15 Radish—Low 50.80 Radish—Low 45.24 Radish—Medium 53.43 Radish—Medium 46.82 Radish—High 44.11 Radish—High 46.45 Fallow 52.15 Fallow 45.85
- 5. Absolute Risk Aversion Coefficients (ARAC) – Silt Loam Soil 0.00 0.016 0.024 0.032 Risk neutral (profit maximizer)-----------------------------------Risk averse Certainty equivalents ($/acre) Crimson Clover—Medium $132 $113 $105 $96 Rye—Low $144 $123 $113 $103 Radish—Medium $159 $138 $128 $118 Fallow $145 $127 $118 $109 Asking to Shift from Fallow Crimson Clover—Medium 13 14 13 13 Rye—Low 1 4 5 6 Radish—Medium -14 (0) -15 (0) -10 (0) -9 (0)
- 6. Absolute Risk Aversion Coefficients (ARAC) – Clay Soil 0.00 0.02 0.03 0.04 Risk neutral (profit maximizer)---------------------------------------Risk averse Certainty equivalents ($/acre) Crimson Clover—Low $110 $102 $98 $94 Rye—High $96 $89 $86 $82 Radish—Medium $101 $93 $89 $85 Fallow $95 $88 $85 $82 Asking to shift from Fallow Crimson Clover—Low -15 (0) -14 (0) -13 (0) -12 (0) Rye—High -1 (0) -1 (0) -1 (0) 0 Radish—Medium -6 (0) -5 (0) -4 (0) -3 (0)
- 7. 20 40 60 80 100 120 140 160 180 0.000 0.008 0.016 0.024 0.032 NetReturnCE($/acre) Absolute Risk Aversion Coefficient (ARAC) SL_CCL SL_CCM SL_CCH SL_RYEL SL_RYEM SL_RYEH SL_RADL SL_RADM SL_RADH SL_FALL 50 60 70 80 90 100 110 120 0.00 0.01 0.02 0.03 0.04 NetReturnCE($/acre) Absolute Risk Aversion Coefficient (ARAC) C_CCL C_CCM C_CCH C_RYEL C_RYEM C_RYEH C_RADL C_RADM C_RADH C_FALL
- 8. Thankyou • Naveen Adusumilli – Extension Economist • Donna Morgan – Agronomist • Hua Wang – Post-Doc