Factor Input Demand Subject to Economic and Environmental Risk: The Case of Nitrogen Fertilizer in Corn Production
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Nitrogen (N) fertilizer demand in relation to economic and environmental risks associated
with N-fertilizer management are examined. Both nominal and environmental damage-adjusted net
returns distributions are evaluated using stochastic dominance analysis. Results suggest that, in the
absence of environmental risk, N demand becomes more elastic as farmers become more risk
averse. When environmental risk is introduced to the decision-making process, N demand becomes
even more elastic.