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RESPONSES TO RISK IN WEED CONTROL DECISIONS UNDER EXPECTED PROFIT MAXIMISATION: COMMENT
Author(s) -
Swinton S. M.
Publication year - 1991
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1991.tb00364.x
Subject(s) - economics , yield (engineering) , profit (economics) , sigmoid function , range (aeronautics) , regular polygon , econometrics , mathematics , concave function , microeconomics , function (biology) , logistic function , statistics , computer science , biology , physics , materials science , geometry , machine learning , evolutionary biology , artificial neural network , composite material , thermodynamics
Pannell's finding that risk reduces the optimal rate of herbicide use and raises the economic threshold for weed control is found to depend upon the form of the yield function. Pannell's results apply only to convex yield functions. For sigmoidal functions, such as the logistic, risk has the opposite effect over the concave portion of the function's range.