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1 results

  • Economies of diversification and stochastic dominance analysis in French mixed sheep farms

  • Jean Joseph Minviel, Marc Benoit
  • Journal:
    Agricultural and Resource Economics Review / Volume 51 / Issue 1 / April 2022
    Published online by Cambridge University Press:
    10 January 2022, pp. 156-177
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  • Farm diversification is mainly driven by risk mitigation effects and economic gains related to complementarities between production activities. By combining these two aspects, we investigate diversification economies in a sample of French mixed sheep farming systems and rank these systems using stochastic dominance criteria. Partially diversified systems (Sheep-Grass, Sheep-Crop, Sheep-Landless) and fully diversified systems (Sheep-Grass-Crop-Landless) were evaluated. We find a high degree of diversification diseconomies in the sheep farming systems considered. The results also indicate that the fully diversified system is driven by its risk-reducing effects (including downside risk exposure) and that Sheep-Crop is the dominant system in terms of risk-adjusted returns.