Kentucky's 1992 Farm Capital and Labor Requirements in an Era of Uncertainty
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In 1973 the Governor of Kentucky's Council of Agriculture commissioned a Task Force at the University of Kentucky College of Agriculture to develop estimates of Kentucky's Agricultural potentials. Product potentials were estimated for 1980 and for the "long-term" to 1992. Similarly, capital and labor requirements were estimated for the same time periods. In this paper we address certain key conceptual and analytical issues undergirding facets of uncertainty, especially with respect to resource requirements. We introduce a model which is capable of allowing researchers to relate uncertainty levels faced by Kentucky farm producers to levels of information available on economic, social and political variables and ultimately to aggregate capital and labor requirements.