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Lifetime Leverage Choice for Proprietary Farmers in a Dynamic Stochastic Environment

Journal of Agricultural and Resource Economics, 1993-12, Vol.18 (2), p.225-238 [Peer Reviewed Journal]

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Title:
Lifetime Leverage Choice for Proprietary Farmers in a Dynamic Stochastic Environment
Author: Collins, Robert A. ; Karp, Larry S.
Subjects: Approximation ; Bankruptcy ; dynamic models ; Equity ; Farm economics ; Farm Management ; Farms ; Financial leverage ; Financial risk ; Opportunity costs ; Risk aversion ; stochastic optimal control ; Wealth
Is Part Of: Journal of Agricultural and Resource Economics, 1993-12, Vol.18 (2), p.225-238
Description: This article reviews various models that may be used to explain optimal leverage choice for the proprietary farmer in a stochastic dynamic environment and develops a new model that highlights the risk of failure rather than the usual concept of risk as the variability of wealth. The model suggests that in addition to the usual factors, farm financial leverage is affected by age, wealth, and the opportunity cost of farming.
Publisher: Bozeman, MT: Western Agricultural Economics Association
Language: English
Identifier: ISSN: 1068-5502
EISSN: 2327-8285
DOI: 10.22004/ag.econ.30962
Source: AgEcon
DOAJ Directory of Open Access Journals

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