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| Registros recuperados: 77 | |
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| Gustafson, Cole R.; Wilson, William W.; Dahl, Bruce L.. |
| Malt barley is an important specialty crop in the Northern Plains and growers mitigate risk with federally subsidized crop insurance and production contracts. However, growers face considerable risk due to "coverage gaps" in crop insurance that result in uncertain indemnity payments due to uncertainty of their crop meeting contract specifications. A stochastic dominance model is developed to evaluate alternative risk efficient strategies for growers with differing risk attitudes and production practices (irrigation vs. dryland). Results show that efficient choices are highly dependent on risk attitudes for dryland growers, but not irrigated growers. Sensitivities with respect to acceptance risk and level of crop insurance subsidization are presented.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop insurance; Malting barley; Stochastic dominance; Stochastic efficiency; Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21095 |
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| Wilson, William W.; Dahl, Bruce L.. |
| Canola has become an important crop in the last decade in the U.S. Production of canola is risky and competes with other crops which have a range of risk reduction mechanisms. Alternative contracting strategies were evaluated by comparing returns to labor and management for growers and gross margins for processors. Alternative contracting strategies included no contract, fixed price with and without act of god provisions, and an oil premium contract. Grower returns and processor gross margins were simulated and resulting distributions were evaluated using stochastic efficiency with respect to a function. We estimated certainty equivalents and ranked contract preferences for both growers and processors by region in North Dakota. Grower and processor risk... |
| Tipo: Report |
Palavras-chave: Canola; Grower; Processor; Contracting; Risk; Stochastic Efficiency (SERF).; Agricultural Finance; Crop Production/Industries. |
| Ano: 2010 |
URL: http://purl.umn.edu/95751 |
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| Wilson, William W.; Dahl, Bruce L.; Johnson, D. Demcey. |
| Analytical models were developed in this paper to evaluate cost/risk tradeoffs of three alternative procurement strategies in the case of hard red spring (HRS) wheat. Results indicate a naive strategy has the lowest expected cost, but a high probability of not conforming to end-use requirements. Two alternative specifications for the constant share strategy result in higher probabilities of meeting requirements, but at higher costs. The opportunistic strategy results in a higher probability of meeting requirements than either of the other two alternative strategies at a comparable cost. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries. |
| Ano: 2000 |
URL: http://purl.umn.edu/36364 |
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| Wilson, William W.; Maxwell, Brett J.; Dahl, Bruce L.. |
| Consistency of functional characteristics in hard red spring (HRS) wheat is a concern confronting sellers and buyers. This research analyzes contract incentives for importers with respect to cost and potential risk of acceptance. A principal-agent framework is utilized to examine contract incentives. In the principal-agent contract, the principal offers the contract, the agent rejects or accepts the contract, and then decides how much effort to apply. All this is subject to risk for the agent and moral hazard for the principal. An example is presented, for which equilibrium contract terms are a base price of 454 cents per bushel for low quality wheat and a premium of 36 cents per bushel if high quality is achieved. The premium for high quality is... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Incentive Contact; Functional Characteristic; Wheat; Principal-Agent; Crop Production/Industries. |
| Ano: 2004 |
URL: http://purl.umn.edu/23559 |
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| Johnson, D. Demcey; Satyanarayana, Vidyashankara; Dahl, Bruce L.; Dooley, Frank J.. |
| A spatial-equilibrium model of trade in sunflower and canola (seed, oil, and meal) is used to assess alternative trade policy scenarios and their implications for North American producers. Simulations address effects of the U.S. SOAP program, NAFTA, the GATT agreement, EU supply restrictions, and tariffs in major import markets. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Minor oilseeds; Sunflower; Canola; Trade.; International Relations/Trade. |
| Ano: 1996 |
URL: http://purl.umn.edu/23346 |
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| Wilson, William W.; Dahl, Bruce L.. |
| Development of genetically modified crops is challenging the functions of the grain marketing system with many participants arguing for Identity Preservation systems prior to release of GM varieties. In this study, a stochastic optimization model was developed to determine optimal testing strategies. The model chooses the optimal testing strategy that maximizes utility (minimizes disutility) of additional system costs due to testing and rejection and allows estimation of the risk premium required for sellers to undertake a dual marketing system with GM/Non-GM segregations over the current Non-GM system. Elements of costs (testing costs, rejection costs, and risk premium) were estimated for a base model representing a grain export chain. The model... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Genetically modified organisms; Biotechnology; Wheat; Risk; Segregation; Identity preservation; Crop Production/Industries. |
| Ano: 2002 |
URL: http://purl.umn.edu/23480 |
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| Wilson, William W.; Dahl, Bruce L.. |
| One of the impacts of higher prices along with greater volatility in futures, basis and spreads is that there is pressure for greater use of cash contracts for grain. Indeed there has been growth in contracting for a number of competing crops in recent years. There is a wide array of cash contracts with varying terms that pose major strategic alternatives for buyers and the marketing system, particularly as buyers seek to use contracting as an element of risk mitigation. Durum is a crop where many of these issues and challenges are apparent. Durum is more risky than competing crops. There is greater price and yield risk as well as quality risk, and in contrast to competing crops, futures do not exist, cross hedging is poor and forward contracting has been... |
| Tipo: Report |
Palavras-chave: Agricultural Finance; Crop Production/Industries; Marketing. |
| Ano: 2009 |
URL: http://purl.umn.edu/55120 |
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| Wilson, William W.; Dahl, Bruce L.. |
| This study examines prospective additional costs associated with identity preserved (IP) transactions and their allocation among participants in the wheat marketing system (farmers, grain handlers, and millers). Cost allocations for participants are computed across a range of potential specifications for IP transactions. As strategies become more specific (moved toward either location, variety, or variety and location), the probability of lots meeting quality specifications for the desired end-use characteristic (absorption) generally increased and changes in costs for mills declined. The exception is for strategies that include varieties which involve a premium paid by millers. As strategies become more specific, higher economic costs are imposed on... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Identity preserved; Wheat; Quality; Growers; Grain handlers; End-users; Crop Production/Industries. |
| Ano: 2002 |
URL: http://purl.umn.edu/23526 |
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| Wilson, William W.; Dahl, Bruce L.; Maxwell, Brett J.. |
| Contract strategies can resolve some of the challenges that exist for property rights conformance of genetically modified (GM) crops. The purpose of this research is to determine how contract terms impact adoption decisions related to GM grain production and marketing. A simulation model was developed for prospective GM introduction in hard red spring (HRS) wheat, and distributions of net returns for growers were analyzed using stochastic dominance and stochastic efficiency. Results illustrate that contracts can be designed to induce desired behavior. Technology fees, probabilities of detection, and the level of non-GM premiums were the most notable factors influencing adoption decisions. In addition, point-of-delivery pricing and premiums for non-GM... |
| Tipo: Journal Article |
Palavras-chave: Adoption risk; GM crops; Incentives contracting; Stochastic dominance; Crop Production/Industries. |
| Ano: 2007 |
URL: http://purl.umn.edu/8593 |
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| Registros recuperados: 77 | |
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