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| Registros recuperados: 19 | |
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| Myyra, Sami; Pietola, Kyosti. |
| This paper tests for the extent of moral hazard problem within a Crop Damage Compensation (CDC) program that is similar to traditional multi peril crop insurances but is publicly funded and openly accessible for all farmers in Finland. We further estimate the potential of using the observed farmer and farm characteristics in ranking and classifying farms according to their incidence towards losses when they are protected. The data are the claimed and granted indemnity payments for each farm over the fifteen year period of 1995-2009. These data are complemented by data on total farm population in 2005. The data suggest that most of the farmers (60%) have not made any claims in the CDC program over the 15 year period. Those farms that claimed compensation... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm Management; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/114632 |
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| Xing, Liu; Pietola, Kyosti. |
| This paper estimates optimal hedging ratios for a Finnish spring wheat producer under price and yield risk. The forward contract available for hedging fixes the price and quantity at the time of sowing for a delivery at harvest. Autoregressive models are used to obtain point forecasts for the conditional mean price and price volatility at harvest. Expected yield and yield volatility are estimated from the field experiment data. A range of coefficients of absolute risk aversion are used in the computations. The results suggest that yield volatility is large and it dominates the price volatility in the optimal hedging decisions of the Finnish wheat producers. Nevertheless, a potential for large negative correlation between the price and the yield decreases... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Hedging ratio; Risk; Forward contract; Financial Economics; Risk and Uncertainty; Q14. |
| Ano: 2005 |
URL: http://purl.umn.edu/24467 |
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| Myyra, Sami; Pietola, Kyosti. |
| This article explores long-term land improvement (lime application) under land tenure insecurity on leased land. The dynamic optimisation problem is solved by a stochastic dynamic programming routine with known parameters for one-period returns and transition equations. The model parameters represent Finnish soil quality and production conditions. The farmer's decision rules are solved for alternative likelihood scenarios over the continuation of the fixed term lease contract. The results suggest that, as the probability for non-renewal of the lease contract increases, farmers quickly decrease investments in irreversible land improvement and, thereafter, yields decline gradually. The estimated decision rules are a part of larger set of farmer's decision... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Dynamic programming; Land tenure; Land improvements; Land Economics/Use. |
| Ano: 2006 |
URL: http://purl.umn.edu/31954 |
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| Oude Lansink, Alfons G.J.M.; Pietola, Kyosti. |
| This paper applies a semi-parametric approach to estimating a generalised model of investments in energy installations. The model accounts for irreversibility and lumpiness of investments by linking a parametric specification of the unobservable dynamic shadow price to observed investment behaviour using a non-parametric specification of the adjustment cost function. The results suggest that marginal costs of investments in energy installations increase quickly at small investment levels, whereas the increase slows down at higher investment levels. Therefore, standard parametric adjustment cost models are likely biased such that they over-estimate small investments and under-estimate large investments. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Investments; Horticulture; Semi-parametric estimation; Resource /Energy Economics and Policy. |
| Ano: 2002 |
URL: http://purl.umn.edu/24813 |
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| Heikkinen, Tiina; Pietola, Kyosti. |
| This paper studies optimal investment and the dynamic cost of income uncertainty, applying a stochastic programming approach. The motivation is given by a case study in Finnish agriculture. Investment decision is modelled as a Markov decision process, extended to account for risk. A numerical framework for studying the dynamic uncertainty cost is presented, modifying the classical expected value of perfect information to a dynamic setting. The uncertainty cost depends on the volatility of income; e.g. with stationary income, the dynamic uncertainty cost corresponds to a dynamic option value of postponing investment. The numerical investment model also yields the optimal investment behavior of a representative farm. The model can be applied e.g. in planning... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics. |
| Ano: 2006 |
URL: http://purl.umn.edu/11868 |
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| Myyra, Sami; Pietola, Kyosti. |
| This article solves and characterizes optimal decision rules to invest in irreversible land improvements conditional on land tenure insecurity. Economic model is a normative dynamic programming model with known parameters for the one period returns and transition equations. The optimal decision rules for liming are solved numerically, conditional on alternative scenarios on the likelihood that the lease contract and, thus, farmer access to land is either renewed or expired. The model parameters represent Finnish soil quality and production conditions. The results suggest that irreversible liming decreases quickly and the yields decline gradually, when the farmer is confronted with land tenure insecurity caused by uncertain renewal of the lease contract.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land tenure; Liming; Land Economics/Use. |
| Ano: 2005 |
URL: http://purl.umn.edu/24418 |
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| Myyra, Sami; Pietola, Kyosti. |
| This article solves and characterizes optimal decision rules to invest in irreversible land improvements conditional on land tenure insecurity. Economic model is a normative dynamic programming model with known parameter for the one period returns and transition equations. The decision rules are solved numerically conditional on alternative scenarios on the likelihood that the lease contract and, thus, farmer access to land is either renewed or expires. The model parameters represent Finnish soil quality and production conditions. The results suggest that irreversible land improvements decrease quickly and the yields decline gradually when the farmer is confronted with land tenure insecurity caused by uncertain renewal of the lease contract. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agriculture; Dynamic programming; Land Economics/Use; Q15; Q21. |
| Ano: 2005 |
URL: http://purl.umn.edu/24633 |
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| Jalonoja, Kati; Liu, Xing; Pietola, Kyosti. |
| This paper estimates market integration between the Finnish and German pork and beef markets. An econometric error correction model that allows for threshold effects and asymmetric price response is estimated. The data are weekly price observations during the period of 1995-2004. Each price series have 520 observations. The results suggest that the Finnish beef prices are stationary and they are not co-integrated with the German price. Thus, the domestic and imported beef may be treated as different goods by consumers. The pork prices are integrated of the first order I(1) and they are also co-integrated. The threshold effects are significant and the price adjustment process is asymmetric, but slow in all regimes. The price transmission process has... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2006 |
URL: http://purl.umn.edu/11861 |
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| Pietola, Kyosti; Myyra, Sami; Pouta, Eija. |
| Capital gains taxes are likely to distort the market and resource allocations through so called “lock-in” effect, meaning discouraging trade transactions that trigger the tax payments. When it comes to agricultural land, the lock-in effect implies that the land ownership and active farming deviate from each other and, as a result, land tenancy increases. Increasing land tenancy and land tenure insecurity incur a significant social cost, because they deplete productivity of land by discouraging and delaying irreversible land improvements that would be necessary for maintaining land productivity. This study estimates the fiscal effects of reduction in capital gains taxes imposed on land sales and provides grounds for optimizing the tax scheme. The results... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Capital gains tax; Land sales; Agricultural and Food Policy. |
| Ano: 2009 |
URL: http://purl.umn.edu/50953 |
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| Niemi, Jarkko K.; Liu, Xing; Pietola, Kyosti. |
| The goal of this study is to estimate how different price or quantity fixing contracts affect the value of pig space unit in pig fattening. The value of pig space unit is estimated with a stochastic dynamic programming algorithm. The model maximises the value of pig space unit by using four decision variables. The input-output ratios are endogenous and the option to suspend production temporarily is taken into account in the model. The results suggests that the smooth functioning of markets in Finland can be promoted by ensuring that price changes are transmitted smoothly between input and output markets, and that producers are compensated for giving up the option to suspend production temporarily in the event if unfavourable market situation. Instead of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis; Livestock Production/Industries. |
| Ano: 2011 |
URL: http://purl.umn.edu/114614 |
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| Registros recuperados: 19 | |
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