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1000
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Abstract/Summary
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DP models with risk aversion through meanvariance specification is already implemented in Luke and applied in North Savo region. HOWEVER climate change, e.g. changes in mean and variance of crop yiels, still not yet taken into account: Recently, such crop modelling results have become availble for wheat as well, not only for barley; Still CC impact available for 2 cereals crops only, while most farms cultivate more than 2 crops. Some early conclusions: The suggested approach is consistent in terms of DP principles and mean-variance approach and can provide consistent results for farm scale risk analysis; It is however hard to utilise the approach except assuming a farm with only few crops (those with crop modelling / other results of climate change effects on mean and (co-variance) © Natural Resources Institute Finland; Assuming no change in price (co)variability is a major simplification results show farm level (or local) effects of changes in mean yields and yield (co)variability only
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