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On the opportunity cost of crop diversification

Ang, F., Mortimer, S., Areal, F. and Tiffin, R. (2018) On the opportunity cost of crop diversification. Journal of Agricultural Economics, 69 (3). pp. 794-814. ISSN 1477-9552

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To link to this item DOI: 10.1111/1477-9552.12272

Abstract/Summary

Distance functions are increasingly being augmented, with environmental goods treated as conventional outputs. A common approach to evaluate the opportunity cost of providing an environmental good is the exploitation of the distance function's dual relationship to the value function. This implies that the opportunity cost is assumed to be non‐negative. This approach also requires a convex technology set. Focusing on crop diversification for a balanced sample of 44 cereal farms in the East of England for the years 2007–2013, this paper develops a novel opportunity cost measure that does not depend on these strong assumptions. We find that the opportunity cost of crop diversification is negative for most farms.

Item Type:Article
Refereed:Yes
Divisions:Faculty of Life Sciences > School of Agriculture, Policy and Development > Economic and Social Sciences Division > Food Economics and Marketing (FEM)
ID Code:75139
Publisher:Wiley

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