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| Philpot, Walter; Larson, James A.; Stokes, Jeffrey R.. |
| Farmers need information about the expected value and variability of net revenues for alternative crop insurance and futures hedging strategies to manage risk. Specifically, the model will determine which risk management strategies are most desirable under various levels of risk aversion. The unstable futures basis relation in the data used in the simulation model contributed to increased variability of net revenues. In general, none of the crop insurance or hedging strategies markedly reduced variability of net revenue and relative riskiness when compared with the cash strategy. Revenue Assurance strategies were the most effective at setting a floor on net revenues. As a result, Revenue Assurance products may perform well for extremely risk averse... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing; Risk and Uncertainty. |
| Ano: 2000 |
URL: http://purl.umn.edu/21842 |
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| Bae, Jeong Hwan; Shields, Martin; Stokes, Jeffrey R.. |
| U.S. banking markets have undergone important structural and institutional changes. Overall, the sector has experienced steady consolidation through mergers and acquisitions that have resulted in fewer banks holding a greater value of the total assets. Despite consolidation, new branch offices and the growth of alternative providers has increased the access to banking-type services. This paper documents and describes trends in the banking industry in Pennsylvania, with special emphasis on rural areas. The first section shows that while the number of "bricks and mortar" offices in the state's rural counties has grown, the distribution of the growth has been quite uneven. As a result, access has potentially declined for some of the state's rural... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2004 |
URL: http://purl.umn.edu/20083 |
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| Stokes, Jeffrey R.. |
| The nature of indemnities and reliance on futures price averaging during two distinct time intervals throughout the production year imply Crop Revenue Coverage (CRC) insurance behaves like an exotic put option. Treating this type of insurance as a derivative security, an analytical model is developed and an algorithm for solving the model to place a lower bound on insurance premiums is presented. Monte Carlo simulation, taking into account the path-dependent nature of an Asian-type option, is then used to determine lower-bound estimates for insurance premiums on corn gross revenue under specified price and yield distributions. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2000 |
URL: http://purl.umn.edu/30839 |
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| Stokes, Jeffrey R.. |
| Data on the number of Pennsylvania dairy farms by size category are analyzed in a Markov chain setting to determine factors affecting entry, exit, expansion, and contraction within the sector. Milk prices, milk price volatility, land prices, policy, and cow productivity all impact structural change in Pennsylvania's dairy sector. Stochastic simulation analysis suggests that the number of dairy farms in Pennsylvania will likely fall by only 2.0 percent to 2.5 percent annually over the next 20 years, indicating that dairy farming in Pennsylvania is likely to be a significant enterprise for the state in the foreseeable future. |
| Tipo: Journal Article |
Palavras-chave: Dairy; Maximum entropy; Farm size; Markov chain; Simulation; Farm Management; Industrial Organization. |
| Ano: 2006 |
URL: http://purl.umn.edu/10218 |
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