Energy-related input demand by crop producers
1983
Kliebenstein, J.B. | McCamley, F.P.
Extract: An E-V analysis model is used to examine energy use adjustments by risk averse crop producers to changes in the price of energy and crop prices. Optimal solutions are computed for a large number of energy prices, crop prices and risk aversion coefficient combinations. Linear, quadratic, and cubic approximations of the energy demand surface are estimated from the solution data. Implications of the quadratic approximations are examined. Energy demand elasticities with respect to output prices are generally larger than those for the input prices. Increases in corn and sorghum prices increase energy use while soybean or wheat price increases reduce energy use. As risk aversion decreases energy use increases, but less energy is used per dollar of expected net income.
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