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| Registros recuperados: 33 | |
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| Xu, Wei; Filler, Gunther; Odening, Martin; Okhrin, Ostap. |
| Systemic weather risk is a major obstacle for the formation of private (nonsubsidized) crop insurance. This paper explores the possibility of spatial diversification of insurance by estimating the joint occurrence of unfavorable weather conditions in different locations. For that purpose copula methods are employed that allow an adequate description of stochastic dependencies between multivariate random variables. The estimation procedure is applied to weather data in Germany. Our results indicate that indemnity payments based on temperature as well as on cumulative rainfall show strong stochastic dependence even at a national scale. Thus the possibility to reduce risk exposure by increasing the trading area of the insurance is limited. Irrespective of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Weather risk; Crop insurance; Copula; Risk and Uncertainty; C14; Q19. |
| Ano: 2009 |
URL: http://purl.umn.edu/49131 |
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| Ritter, Matthias; Musshoff, Oliver; Odening, Martin. |
| Weather risk is one of the main causes for income fluctuation in agriculture. Since 1997, the economic consequences of weather risk can be insured with weather derivatives, which are offered for many different weather events, such as temperature, rainfall, snow or hurricanes. It is well known that the hedging effectiveness of weather derivatives is interfered by the existence of geographical basis risk, i.e., the deviation of weather conditions at different locations. In this paper, we explore how geographical basis risk of rainfall based derivatives can be reduced by regional diversification. Minimizing geographical basis risk requires knowledge of the joint distribution of rainfall at different locations. For that purpose, we estimate a daily multi-site... |
| Tipo: Presentation |
Palavras-chave: Management; Weather risk; Regional diversification; Portfolio weights; Risk and Uncertainty; G11; Q14; G32. |
| Ano: 2012 |
URL: http://purl.umn.edu/122527 |
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| Zinych, Nataliya; Odening, Martin; Huettel, Silke. |
| This paper addresses the question of financial constraints in Ukrainian agriculture in transition. The main objective is to reveal the evidence of the both phenomena, soft budget constraints and credit rationing, investigating investment behaviour of large farms in Ukraine. Our empirical analysis is based on unbalanced panel data containing 529 agricultural enterprises from three Ukrainian regions between 2001 and 2005. Estimates of the Euler investment equation for several sub-samples reveal a dissimilar level of financial constraints. We confirm the presence of the soft financial environment (soft budget constraints) for the Ukrainian large farms being in an unconstrained financial regime. The farms belong to this regime if they receive credits after... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Transition agriculture; Investment; Soft budget constraints; Credit rationing; Ukraine; Agricultural Finance. |
| Ano: 2007 |
URL: http://purl.umn.edu/7834 |
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| Odening, Martin; Hinrichs, Jan. |
| The objective of this paper is to investigate the performance of different VaR models in the context of risk assessment in hog production. Potential pitfalls of traditional VaR models are pinpointed and proposals to solve them are analyzed. After a brief description these methods are used to calculate the VaR of the hog finishing margin under German market conditions. In particular we apply Extreme Value Theory (EVT) to our data and compare the results with historical simulation (HS) and the variance-covariance method (VCM). Hill's estimator is used to determine the tail index of the extreme distribution of the gross margin in hog finishing and farrow production. A bootstrap method proposed by Danielsson et al. (1999) is adopted to choose the optimal... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Livestock Production/Industries; Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/19907 |
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| Musshoff, Oliver; Odening, Martin; Xu, Wei. |
| In this article we price a precipitation option based on empirical weather data from Germany using different pricing methods, among them Burn Analysis, Index Value Simulation and Daily Simulation. For that purpose we develop a daily precipitation model. Moreover, a de-correlation analysis is proposed to assess the spatial basis risk that is inherent to rainfall derivatives. The models are applied to precipitation data in Brandenburg, Germany. Based on simplifying assumptions of the production function, we quantify and compare the risk exposure of grain producers with and without rainfall insurance. It turns out that a considerable risk remains with producers who are remotely located from the weather station. Another finding is that significant differences... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21050 |
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| Musshoff, Oliver; Odening, Martin; Xu, Wei. |
| The importance of weather as a production factor in agriculture is well established long time and a significant portion of yield fluctuations is caused by weather risks. Traditionally, farmers have tried to hedge against unfavorable weather using insurance, such as crop insurance. In recent years a new class of instruments, so called weather derivatives, have emerged. They allows to reduce weather based risks as well. Weather derivatives are financial market products such as forwards, futures, options and swaps, that have a weather component such as temperature or rainfall. Although weather derivatives have some advantages compared to traditional insurance, their trading volume is still rather small. One reason (among others) for why potential users... |
| Tipo: Journal Article |
Palavras-chave: Weather derivatives; Option pricing; Actuarial methods; Financial methods; Financial Economics; Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/97216 |
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| Odening, Martin; Musshoff, Oliver; Utesch, Volker. |
| The objective of this paper is to explore the potential of the real options approach for analyzing farmers’ choice to switch from conventional to organic farming. Understanding the determinants of this decision is relevant in particular for agricultural policy makers when predicting the response of farmers to support programs. After a brief review of the existing literature on barriers to the adoption of organic farming a theoretical model is presented that allows one to incorporate two main features of the adoption decision, namely irreversibility and uncertainty of the returns. The real options model quantifies investment multiples that trigger the adoption of organic farming. Compared with neoclassical models it suggests an inertia of the respective... |
| Tipo: Journal Article |
Palavras-chave: Organic farming; Real options; Switching regression; Hysteresis; Farm Management. |
| Ano: 2004 |
URL: http://purl.umn.edu/97451 |
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| Rommel, Jens; Neuenfeldt, Sebastian; Odening, Martin. |
| Das Vertrauen der Konsumenten in gesunde Nahrungsmittel wird regelmäßig durch Lebensmittelskandale erschüttert. Im Zusammenhang mit der Diskussion von Maßnahmen, die seitens der Produzenten und/oder des Staates ergriffen werden, um Nahrungsmittelsicherheit zu gewährleisten, stellt sich die Frage, wie der Markt, genauer gesagt: die Verbraucher, auf das Bekanntwerden von Lebensmittelskandalen reagieren. In dem Beitrag wird der Frage nachgegangen, ob und wie sich Lebensmittelskandale, die eine mediale Verbreitung gefunden haben, auf Preise und Verbrauchsmengen ausgewählter tierischer Agrarerzeugnisse auswirken. Als methodischer Ansatz werden Ereignisstudien gewählt, die eine einfache Möglichkeit bieten, die Marktwirkungen sachlich und zeitlich klar... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Lebensmittelskandal; Ereignisstudie; Fleischmarkt; Food Consumption/Nutrition/Food Safety. |
| Ano: 2009 |
URL: http://purl.umn.edu/53261 |
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| Registros recuperados: 33 | |
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