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Provedor de dados:  AgEcon
País:  United States
Título:  Reallocation of price risk among members
Autores:  Pedersen, Michael Friis
Data:  2012-02-23
Ano:  2012
Palavras-chave:  Futures
Hedging
Risk management
Marketing cooperatives
Agribusiness
Risk and Uncertainty
G13
G32
Q13
D61
D8
Resumo:  Marketing of milk and meat in Denmark is dominated by two large cooperatives, Arla Foods in the dairy sector and Danish Crown in the pork sector. Members in these cooperatives practically have no possibility for price risk management on their main product. Futures markets for dairy and pork are not utilised, and it is suggested that the reason is prohibitively large basis risk. The events following the global financial crisis suggest increased need for price risk management in Danish agriculture. Since futures markets do not seem to be a viable solution, the paper explores an alternative. Reallocation of price risk among members in marketing cooperatives. Endowing members with a forward contracted share of delivery, and allowing for transfer at a market price will lead to reallocation gains if member heterogeneity in cost of risk is great enough and transaction costs are low enough.
Tipo:  Presentation
Idioma:  Inglês
Identificador:  http://purl.umn.edu/122529
Relação:  European Association of Agricultural Economists>123rd Seminar, February 23-24, 2012, Dublin Ireland
Formato:  15
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