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On the Opportunity Cost of Crop Diversification
Authors:Frederic Ang  Simon M. Mortimer  Francisco J. Areal  Richard Tiffin
Abstract:Distance functions are increasingly being augmented, with environmental goods treated as conventional outputs. A common approach to evaluate the opportunity cost of providing an environmental good is the exploitation of the distance function's dual relationship to the value function. This implies that the opportunity cost is assumed to be non‐negative. This approach also requires a convex technology set. Focusing on crop diversification for a balanced sample of 44 cereal farms in the East of England for the years 2007–2013, this paper develops a novel opportunity cost measure that does not depend on these strong assumptions. We find that the opportunity cost of crop diversification is negative for most farms.
Keywords:biodiversity  CAP greening measures  crop diversification  duality  non‐convexity  shadow price  Shannon index
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