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| Registros recuperados: 17 | |
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| Buschena, David E.; McNew, Kevin. |
| Put options have been recommended as a substitute for price support programs (Gardner, 1977), and subsidized option purchases have received some support in lieu of subsidized insurance programs. Put options are an interesting alternative to price supports because their market-determined price levels allow for flexibility and adjustments to relevant current and expected market conditions. One difficulty with the use of put options as a substitute for commodity price supports is the relative thinness of these options markets for some commodities. Market thinness is defined here as the absence of traders willing to take the necessary opposite position in the market in lieu of a relatively large price premium, particularly for a large number of contracts.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19271 |
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| McNew, Kevin; Musser, Wesley N.. |
| The current agricultural marketing literature has considerable controversy about the optimal use of hedging for farmers. Much of this literature has very limited data on farmer behavior and an evaluation of the outcome of this behavior. This paper uses data from a hedging game from Maryland marketing clubs for 1994-1998. Hypotheses concerning the consistency of farmer behavior with the research literature on hedging are considered. Results indicate that farmers do not achieve price enhancement from hedging. However, their decisions do not conform to implications of optimal hedging models in a number of dimensions. This analysis provides further information to help bridge the gap between academic research and practical hedging. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Grain Marketing; Hedging; Risk Management; Demand and Price Analysis; Marketing. |
| Ano: 2000 |
URL: http://purl.umn.edu/28568 |
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| McNew, Kevin; Musser, Wesley N.. |
| Numerous studies have investigated how farmers should use forward pricing markets, but only limited research exists on how farmers actually use these markets. This study relies on data from a real-time forward pricing game employed by Maryland grain marketing clubs from 1994 through 1998. Hypotheses are tested regarding the consistency of farmer behavior with the research literature on hedging. Findings indicate that farmers do not achieve price enhancement, a result consistent with the efficient market hypothesis. However, pricing behavior does not conform to the implications of efficient market models in a number of respects, suggesting farmers may form different expectations than those conveyed by forward prices. |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2002 |
URL: http://purl.umn.edu/31387 |
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| McNew, Kevin; Smith, Vincent H.. |
| The introduction of genetically modified grain and oilseed products at the farm level and resistance for these products by consumer groups have led to segmentation in grain markets. This study explores the implications for market price behavior for a segregated soybean market for genetically modified (GM) and non-GM varieties. A stochastic dynamic simulation model of production and storage is solved, and Monte Carlo simulation procedures are used to examine price behavior between GM and non-GM soybeans. The results suggest important differences in price behavior between GM and non-GM soybeans. The results obtained in the model simulations are compared with evidence from the Tokyo Grain Exchange, where non-GM and GM soybean futures contracts have traded... |
| Tipo: Journal Article |
Palavras-chave: Genetically modified organisms; Soybeans; Storage; Demand and Price Analysis. |
| Ano: 2003 |
URL: http://purl.umn.edu/30722 |
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| McNew, Kevin. |
| A point-space model of interregional trade is used to define market integration and to explore its implications for modeling spatial price relationships. This analysis indicates that spatial prices are related nonlinearly, contrary to much of the work on spatial price analysis which uses linear models. As an empirical example, corn market integration along the Mississippi River is examined during the Midwest flood of 1993. Higher transport costs during this period significantly reduced the extent of integration and thereby decreased excess demand shock transference across regions. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1996 |
URL: http://purl.umn.edu/31646 |
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| McNew, Kevin; Fackler, Paul L.. |
| Cointegration methods are increasingly used to test for market efficiency and integration. The economic rationale for these tests, however, is generally unclear. Using a simple spatial equilibrium model to simulate equilibrium price behavior, it is shown that prices in a well-integrated, efficient market need not be cointegrated. Furthermore, the number of cointegrating relationships among prices is not a good indicator of the degree to which a market is integrated. |
| Tipo: Journal Article |
Palavras-chave: Demand and Price Analysis. |
| Ano: 1997 |
URL: http://purl.umn.edu/30853 |
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| Registros recuperados: 17 | |
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