Employing real options methodology to evaluate the organic agriculture scheme in Greece /доклад на 87 семинаре ЕААЕ, Assessing Rural Development Policies of the CAP, Vienna, Austria, 21-23 April 2004
Опубликовано на портале: 29-03-2005
New policy measures have studied and introduced to transform Europe’s agriculture into a more environmental friendly agriculture. Adopting environmental friendly production systems involves risk and uncertainty and to overcome this well designed policy schemes are required. This study attempts to examine the effects of income variability upon the decision on adopting or not environmental friendly production systems in order to evaluate the organic financial incentives to farmers by introducing the real options methodology. The real options procedure revealed that the investment in environmental friendly production systems must be postponed and the option of investment must be kept alive until the expected returns are high enough to offset the risk and uncertainty. Therefore, policy makers have to reconsider the current financial incentives if they want faster adoption of sustainable production systems.
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