Abstract: DP models with risk aversion through meanvariancespecification is already implemented inLuke and applied in North Savo regionHOWEVER climate change, e.g. changes in mean andvariance of crop yiels, still not yet taken into account– Recently, such crop modelling results have becomeavailble for wheat as well, not only for barley– Still CC impact available for 2 cereals crops only, whilemost farms cultivate more than 2 crops Some early conclusions• The suggested approach is consistent in terms of DPprinciples and mean-variance approach and can provideconsistent results for farm scale risk analysis• It is however hard to utilise the approach except assuming afarm with only few crops (those with crop modelling / otherresults of climate change effects on mean and (co-variance)© Natural Resources Institute Finland• Assuming no change in price (co)variability is a majorsimplification results show farm level (or local) effects ofchanges in mean yields and yield (co)variability only
