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Technology Adoption under Production Uncertainty: Theory and Application to Irrigation Technology

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  • Phoebe Koundouri
  • Céline Nauges
  • Vangelis Tzouvelekas
Abstract
We propose a theoretical framework to analyze the conditions under which a farmer facing production uncertainty (due to a possible water shortage) and incomplete information will adopt a more efficient irrigation technology. A reduced form of this model is empirically estimated using a sample of 265 farms located in Crete, Greece. The empirical results suggest that farmers choose to adopt the new technology in order to hedge against production risk. In addition, we show that the farmer's human capital also plays a significant role in the decision to adopt modern, more efficient irrigation equipment. Copyright 2006, Oxford University Press.

Suggested Citation

  • Phoebe Koundouri & Céline Nauges & Vangelis Tzouvelekas, 2006. "Technology Adoption under Production Uncertainty: Theory and Application to Irrigation Technology," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(3), pages 657-670.
    • Handle: RePEc:oup:ajagec:v:88:y:2006:i:3:p:657-670
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2006.00886.x
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