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| Registros recuperados: 22 | |
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| Duffy, Patricia A.; Shalishali, Kasazi; Kinnucan, Henry W.. |
| An expected utility model that includes output price and yield uncertainty was used to estimate cotton, corn, and soybean acreage response equations for the Southeast. The model appeared to fit the soybean and corn data well, resulting in own-price elasticity estimates of 0.317 for corn and 0.727 for soybeans. When applied to cotton acreage, however, the model did not yield satisfactory results. When elasticity was allowed to change over time, however, statistical results for the cotton equation improved, yielding an own-price elasticity of 0.915 at data means. |
| Tipo: Journal Article |
Palavras-chave: Government programs; Acreage response; Expected utility; Time-varying parameters; Crop Production/Industries. |
| Ano: 1994 |
URL: http://purl.umn.edu/15163 |
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| Manfredo, Mark R.; Richards, Timothy J.. |
| Agricultural cooperatives tend to be riskier than investor-oriented firms, both in a business and financial sense. However, cooperative managers are often reluctant to actively manage risk. Although the risk management irrelevance proposition suggests that cooperative managers should be unable to add shareholder value through risk management activities, this study argues that there are several reasons why this is not likely to be the case for cooperatives. Several empirical examples are provided through numerical simulation of pro-forma financial statements from representative agricultural cooperatives. Using mean variance, expected utility and value-at-risk metrics, the results of these simulations show that various risk management strategies can... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Cooperative; Expected utility; Futures; Option; Risk management; Value at risk.; Risk and Uncertainty. |
| Ano: 2003 |
URL: http://purl.umn.edu/28540 |
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| Falconi, Cesar; Roe, Terry L.. |
| A model of expected utility maximization and a stochastic health production function are used to show how consumer's beliefs, the certainty of beliefs, and the presence of information affects demand for goods as they are driven by the demand for health. Then, it is shown that competitive markets fail to account for the health implications of substances in the production of a commodity that affects health, nor are incentives provided to inform consumers of substance concentrations and its implications to health. This result is shown to not necessarily follow in concentrated industries. Finally, conditions are derived whereby a benevolent government, in the absence of rent seeking, chooses optimal levels of information and taxes to attain Pareto optimal... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Health; Expected utility; Government intervention.; Food Consumption/Nutrition/Food Safety; Health Economics and Policy. |
| Ano: 1990 |
URL: http://purl.umn.edu/7456 |
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| Lence, Sergio H.. |
| A thought experiment is designed to investigate whether the structure of risk aversion (i.e., the changes in absolute or relative risk aversion associated with changes in wealth) can be estimated with reasonable precision from agricultural production data. Findings strongly suggest that typical production data are unlikely to allow identification of the structure of risk aversion. A flexible utility parameterization is found to slightly worsen technology parameter estimates. Results also indicate that even under a restricted utility specification, utility parameter estimates are biased. Further, their quality is much worse when shocks are not large or samples are small. |
| Tipo: Presentation |
Palavras-chave: Expected utility; Risk preferences; Production analysis; Risk attitudes; Production Economics; Risk and Uncertainty; C13; D24; D81; Q12. |
| Ano: 2008 |
URL: http://purl.umn.edu/119534 |
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| Cooper, Joseph C.; O'Donoghue, Erik J.. |
| The current debate surrounding the 2012 Farm Act stresses cutting costs while maintaining, or even strengthening, farmers’ “safety net.” One way to cut costs is to reduce or eliminate potential overlap of farm program payments. Using simulations, we explore the interaction between the Average Crop Revenue Election (ACRE) program and a revenue assurance (RA) crop insurance program for corn, soybean, and wheat farmers in IL, MN, and SD. Additionally, we examine whether receiving benefits from multiple programs (an RA program, the Supplemental Revenue (SURE) program, and an ad hoc disaster assistance program) distorts farmers’ business decisions. We find overlap between ACRE and crop insurance, which could lead to budgetary savings if these two programs... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Commodity support; Average crop revenue election; Supplemental Revenue Assistance; Expected utility; Corn; Wheat; Soybeans; Agricultural and Food Policy; Production Economics; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/103261 |
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| Isik, Murat. |
| This paper develops a framework to link the expected utility analysis to real options models in order to capture the joint effects of risk aversion and irreversibility associated with real investments. It aims at modifying the theory of investment under uncertainty by incorporating decision makers' risk preferences and allows explicitly analyzing the impacts of risk aversion, uncertainty and irreversibility on decisions such as investment and resource allocations. It addresses the shortcomings of the commonly used expected utility and investment under uncertainty models be generalizing the theory of irreversible investment under uncertainty by allowing for risk-averse investors. We found that uncertainty, irreversibility and risk aversion are important... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Investment under uncertainty; Irreversibility; Real options; Risk aversion; Risk and Uncertainty; D81; G1. |
| Ano: 2004 |
URL: http://purl.umn.edu/20027 |
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| Petsakos, Athanasios; Rozakis, Stelios. |
| Positive Mathematical Programming (PMP) is one of the most commonly used methods of calibrating activity linear programming (LP) models in agriculture. PMP applications published thus far focus on the estimation of a farm’s nonlinear cost or profit function and rely on the recovery of unobserved or implicit information that can explain the initial model’s inability to calibrate. In this paper we use the PMP procedure to calibrate an expected utility model under the assumption that this implicit information can reveal a farmer’s profit expectations and risk attitude. The perfect calibration shows that PMP can be applied not only to LP models, but also to models that incorporate risk and this provides an interesting alternative to the traditional PMP... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: E-V analysis; Expected utility; Farm model; Positive Mathematical Programming; Risk.; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/114762 |
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| Lence, Sergio H.. |
| The present study sets up a thought experiment calibrated to represent risks of a high-risk production activity (farming), and investigating whether the structure of risk aversion (i.e., the changes in absolute or relative risk aversion associated with changes in wealth) can be estimated with reasonable precision. Findings strongly suggest that typical production data are unlikely to allow identification of the structure of risk aversion. A flexible utility parameterization is found to worsen technology parameter estimates. Findings also indicate that even under a restricted utility specification, the quality of utility parameters estimated from small samples is very poor. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Risk preferences; Production analysis; Risk attitudes.; Risk and Uncertainty; C13; D24; D81; Q12.. |
| Ano: 2007 |
URL: http://purl.umn.edu/9980 |
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| Ben Salk, Sana; Blondel, Serge; Daniel, Christophe; Deffains-Crapsky, Catherine; Jutard, Catherine; Sejourne, Bruno. |
| In agriculture, there is need for a deeper analysis of management of climate risks, because the farmers appear to have a paradoxical position: they perceived that they are strongly exposed to climate risks but, they do not want to pay for adapted tools, arguing that this is too expensive or complex. However, under risk, it is well-known that the decision-makers could be subject to paradox (Allais for example). Our assumption is that to know better the behaviours of farmers in general risky situations will help to understand their reluctance to use the weather market. We conducted a study over the wine growers in the Maine-et-Loire department. 60 wine growers have responded to the questionnaire about climate risk management, and 29 amongst them have... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Field experiments; Management of climate risks; Paradoxes; Crop Production/Industries; Environmental Economics and Policy; Risk and Uncertainty. |
| Ano: 2007 |
URL: http://purl.umn.edu/9251 |
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| Kim, Hyun Seok; Brorsen, B. Wade; Anderson, Kim B.. |
| Some extension economists and others often recommend profit margin hedging in choosing the timing of crop sales. This paper determines producer’s utility function and price processes where profit margin hedging is optimal. Profit margin hedging is shown to be an optimal strategy under a highly restricted target utility function even in an efficient market. Although profit margin hedging is not the optimal rule in the presence of mean reversion, it can still be profitable if prices are mean reverting. Simulations are also conducted to compare the expected utility of profit margin hedging strategy with the expected utility of other strategy such as always hedging and selling at harvest strategies. A variance ratio test is conducted to test for the existence... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Mean reversion; Profit margin hedging; Target. |
| Ano: 2007 |
URL: http://purl.umn.edu/37570 |
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| Registros recuperados: 22 | |
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