ABSTRACT

174This study has estimated the degree of random variability of prices, yields, and income associated with selected crops and livestock in the United States from 1866 through 1909. These estimates represented objective measures of the amount of uncertainty associated with each series, and they were presented on a state-by-state basis using annual observations. While our estimates were not identical to the traditional concepts of risk or uncertainty, they were, at the least, a reasonable first approximation.