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| Registros recuperados: 18 | |
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| Katchova, Ani L.; Miranda, Mario J.; Gonzalez-Vega, Claudio. |
| In this paper, we examine the contract design problem of banks that extend loans to poor borrowers and seek to maximize outreach while remaining financially sustainable. A dynamic model is developed that shows how interest rates can be determined based on information about productivity and diligence characteristics of borrowers, investment opportunities, correlation of business activities, peer monitoring costs, and social sanctions. The results indicate that relative to the traditional static models, the dynamic model explains better the current experience in individual and group lending in developing countries. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2001 |
URL: http://purl.umn.edu/20635 |
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| Schnitkey, Gary D.; Miranda, Mario J.. |
| A discrete-time, continuous-space model of a livestock- crop producer is used to examine the long-run effects of phosphorus runoff controls on optimal livestock production and manure application practices. Quantity restrictions and taxes on phosphorus application are shown to reduce livestock supply and impose greater costs on livestock-crop producers than on crop-only producers. Restrictions on manure application, without accompanying restrictions on commercial fertilizer application, will have only a limited effect on phosphorus runoff levels. |
| Tipo: Journal Article |
Palavras-chave: Environmental Economics and Policy; Farm Management. |
| Ano: 1993 |
URL: http://purl.umn.edu/30814 |
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| Vedenov, Dmitry V.; Miranda, Mario J.. |
| The paper discusses a methodology for design and pricing of index insurance contracts for crop production. The methodology heavily relies on establishing a relationship between the index and yields in order to evaluate the contract performance in hedging farmers' risk. However, analysis of yield/rainfall data series for Iowa corn and Kansas wheat fail to produce a reliable and meaningful relationship which can be used uniformly across several counties and/or crop producing districts. Further research is needed as to applicability of rainfall insurance to specific crop/region combinations. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries; Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/20458 |
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| Chen, Shu-Ling; Miranda, Mario J.. |
| Empirical evidence for the existence of moral hazard in the U.S. crop insurance program has been inconclusive. Here, we seek empirical evidence of moral hazard in the U.S. crop insurance program, departing from the established empirical literature in two significant respects. First, we attempt to uncover evidence of moral hazard by examining the effects of crop insurance on post-planting crop abandonment decisions. Second, we expand to the scope of existing empirical studies by including regions and crops that have historically experienced high loss ratios under the Federal crop insurance program. Our results provide strong evidence that insurance participation encourages producers to abandon their crops during the growing season for corn in Central... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm Management; Risk and Uncertainty. |
| Ano: 2007 |
URL: http://purl.umn.edu/9846 |
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| Liu, Pu; Miranda, Mario J.. |
| Index insurance has been promoted as a cost-effective risk management alternative for agricultural producers in developing countries. In this paper, we ask whether spatially separated weather variables commonly used in index insurance design, such as rainfall at different weather stations within a defined geographical area, are more highly correlated at the tails. As a case study, we assess the degree of tail dependence exhibited by Iowa June county-level rainfalls using copulas. We search among various candidate bivariate copulas and, using goodness-of-fit for copulas, attempt to identify the copula structures that best explain the nature of dependence among rainfalls in adjacent counties. Our results provide strong evidence that lower tail dependence... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Tail dependence; Copulas; Index insurance; Weather indices; Risk and Uncertainty. |
| Ano: 2010 |
URL: http://purl.umn.edu/61317 |
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| Makki, Shiva S.; Tweeten, Luther G.; Miranda, Mario J.. |
| This study assesses storage and trade of wheat in an integrated global economy. Domestic and international linkages are analyzed using a dynamic rational expectations model of the world wheat market. The results of this study demonstrate the importance of endogenizing both storage and trade in studying commodity markets. Results suggest an optimal US buffer stock level of 150 million bushel. Results indicate that past government stockholdings have not followed efficient market outcomes. Private markets likely would perform better in the absence of government market distortions. Results indicate that elimination of the Export Enhancement Program by the US and of export restitution payments by the EU is unlikely to have a major impact on wheat exports from... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Crop Production/Industries; International Relations/Trade. |
| Ano: 1995 |
URL: http://purl.umn.edu/51214 |
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| Makaudze, Ephias M.; Miranda, Mario J.. |
| Index insurance, which indemnifies agricultural producers based on an objectively observable variable that is highly correlated with production losses but which cannot be influenced by the producer, can provide adequate protection against catastrophic droughts without suffering from the moral hazard and adverse selection problems that typically cause conventional agricultural insurance programs to fail. Using historical maize and cotton yield data from nine districts in Zimbabwe, we find that catastrophic drought insurance contracts based on the Normalized Difference Vegetation Index (NDVI) can be constructed whose indemnities exhibit higher correlations with yield losses compared to the conventional rainfall index. In addition the NDVI contracts can be... |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/96183 |
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| Vedenov, Dmitry V.; Miranda, Mario J.; Dismukes, Robert; Glauber, Joseph W.. |
| The paper presents an economic analysis of the Standard Reinsurance Agreement (SRA), the contract that governs the relationship between the Federal Crop Insurance Corporation and the private insurance companies that deliver crop insurance products to farmers. The paper outlines provisions of the SRA and describes the modeling methodology behind the SRA simulator, a computer program developed to assist crop insurers and policymakers in assessing the economic impact of the Agreement. The simulator is then used to analyze how the SRA affects returns from underwriting crop insurance at various levels of aggregation. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20345 |
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| Chen, Shu-Ling; Miranda, Mario J.. |
| Very little attention has been given to the modeling of yield distribution for crops and regions in which yields exhibit irregular behavior. We undertake a statistical case study of Texas upland cotton and propose an alternative mixture distribution based on regime-switching model in which the conditional distribution of yield depends upon an observable drought index. The results show that the mixture distribution model provides a better fit to the data than conventional parametric distributions and produces higher implied premium rates than the current published Group Risk Plan insurance rates in more than two-thirds of Texas counties examined. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21392 |
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| Skees, Jerry R.; Hazell, Peter B.R.; Miranda, Mario J.. |
| Natural disasters can be extremely disruptive to farmers and to others whose incomes depend on a successful crop. Society can gain from more efficient sharing of crop and natural disaster risks. However, the costs associated with traditional agricultural risk programs have historically exceeded the gains from improved risk sharing. This paper explores government intervention in agricultural risk markets and discusses new approaches to risk sharing with limited government involvement. In particular, we build the case for introducing negotiable state-contingent contracts settled on area crop yield estimates or locally appropriate weather indices. These instruments could replace traditional crop insurance at a lower cost to government while meeting the risk... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Crop Production/Industries; Risk and Uncertainty. |
| Ano: 1999 |
URL: http://purl.umn.edu/42827 |
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| Registros recuperados: 18 | |
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