Teoria do portfólio aplicada na diversificação da produção de café

Agriculture represents a significant fraction of the Minas Gerais State production, and coffee is a historically important for the State development. Considering the risks in coffee production due to climatic, agronomic or market issues, which affect the productivity and profitability, crop diversification can help farmers to minimize the risks with synergies between crops as sources of income. Thus, the use of the portfolio theory to analyze the composition of an efficient portfolio with coffee production is pertinent, since it considers the volatility of the returns of the different products to the composition of an optimal efficient portfolio, that maximizes the return to given level of risk. The objective of this study is to verify the viability of the application and the results generated by the portfolio theory of Markowitz (1952) in the composition coffee produced with other permanent crops. The results obtained attest to the importance of using the Markowitz (1952) portfolio theory to minimize risks and maximize returns in the face of the economic gains obtained from the composition of an optimal portfolio.