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| Registros recuperados: 41 | |
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| Isik, Murat. |
| This paper develops theoretical and empirical models to understand how farmers formulate their participation strategies when deciding to enroll in the Conservation Reserve Program (CRP) under uncertainty. A theoretical model is employed to obtain the impacts of various factors on the optimal bidding strategies. A selectivity-based econometric model is then used to estimate the probability of enrollment and determinants of rental payments. The theoretical results indicate that the optimal bid is positively related to the expected farming income and environmental benefit scores, and it is negatively related to the degree of risk aversion and the variability of returns. The econometric model shows that land benefits, land attributes, farmer... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Conservation programs; Land retirement; Risk aversion; Uncertainty.; Farm Management. |
| Ano: 2005 |
URL: http://purl.umn.edu/19264 |
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| Severini, Simone; Cortignani, Raffaele. |
| Farmers face increasing income uncertainty and the debate is growing on the role of insurance schemes and of public support in this field. This paper applies a PMP modelling approach that takes into explicit consideration risk aversion behaviour to test its applicability to evaluating the potential impact of insurance schemes. This is done by introducing a revenue insurance scheme into a model developed on a small group of crop farms in Italy. The paper represents a preliminary assessment of the soundness of the proposed approach. It identifies some limitations that should be overcome to improve the proposed approach. Despite these limitations, it seems a useful tool to investigate the impact of insurance schemes and policy relevant parameters such as... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Insurance schemes; PMP; Farmers’ behaviour; Risk aversion; Agricultural and Food Policy; Q12; C61; Q18. |
| Ano: 2011 |
URL: http://purl.umn.edu/99431 |
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| Ekman, Sone. |
| This paper evaluates the consequences of considering environmental and economic risk in the analysis of cost-effective nitrogen abatement options in crop production. A farm-level mathematical programming model incorporating nitrogen leaching variability, field time variability, yield variability, and output price variability is developed. The empirical results reveal that requiring a high reliability with respect to a desired abatement target can be extremely costly, due to the high variability of nitrogen emissions. It appears to be sufficient to reduce average nitrogen load in order to reduce the environmental risk associated with nitrogen leaching variability, since a change to crops with lower average load also results in lower variability of nitrogen... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Nitrogen abatement; Risk aversion; Diversification; Chance constraints; Discrete stochastic programming; Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/24860 |
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| Nganje, William E.; Tiapo, Napoleon M.; Wilson, William W.. |
| Managing quality risks, especially grain quality, has been a challenge facing farmers, grain merchandisers, and policymakers for many years. With the advent of genetically modified organisms (GMOs), food safety, and identity preservation, this is even more challenging today. In this paper, an equilibrium crop insurance model was developed and used to analyze the impact of quality risks on equilibrium coverage levels and risk premiums that suppliers of insurance and barley producers would be willing to provide when yield and revenue insurance instruments explicitly incorporate quality risks. The asking price concept and sensitivity analysis were used to evaluate farmers' behavior after they purchase crop quality insurance and to provide guidance and... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Crop insurance; Equilibrium coverage levels; Fusarium Head Blight; Premium rates; Quality risks; Risk aversion; Crop Production/Industries. |
| Ano: 2002 |
URL: http://purl.umn.edu/23641 |
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| Isik, Murat. |
| This paper examines the optimal location of a competitive firm in response to environmental costs imposed by the abatement investment and taxes when the cost of the environmental regulation varies spatially under uncertainty. It contributes to the literature by incorporating the spatial setting into a risk-averse firm's location decisions in the presence of environmental regulation uncertainty. An increase in the cost of the environmental regulation moves a risk-averse firm closer to the output market. An augmented input or emission tax causes the risk-averse firm to locate closer to the output market. Uncertainty about environmental regulations in the form of the abatement investment and taxes also leads a risk-averse firm to locate closer to the output... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk aversion; Uncertainty; Regulation; Market-based policies.; Environmental Economics and Policy; Risk and Uncertainty; D81; R38; Q28.. |
| Ano: 2003 |
URL: http://purl.umn.edu/22066 |
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| Jordaan, Henry; Grove, Bennie. |
| Risk aversion is the primary reason for farmers to use forward pricing methods to hedge against price risk. Previous international research on farmers’ forward pricing behaviour found inconsistent results with respect to the relationship between risk aversion and the use of forward pricing methods. Ordinary Least Squares (OLS) regression is used in this research to investigate the relationship between the proportion of maize Vaalharts maize producers are willing to forward price and risk aversion. The quantity decision is modelled conditional on the adoption decision to ensure that the modelling procedure does not force the same variables to influence the two decisions in the same way. Regression results showed that more risk averse farmers are forward... |
| Tipo: Journal Article |
Palavras-chave: Forward pricing; Risk aversion; Farm characteristics; Linear regression; Crop Production/Industries; Marketing; Risk and Uncertainty. |
| Ano: 2008 |
URL: http://purl.umn.edu/5970 |
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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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| Mattos, Fabio; Garcia, Philip; Pennings, Joost M.E.. |
| The objective of this study is to investigate how professional traders in futures and options markets behave under risk and uncertainty. Our preliminary findings suggest that most traders exhibit concave utility functions for gains and convex utility functions for losses, while their weighting functions are inverse s-shaped. However, differences in magnitude of the risk aversion parameters and the degree of probability weighting can lead to distinct behavior even if the shapes of utility and weighting functions are the same. Further, the typical pattern of prospect theory is more prevalent under risk but not as much under uncertainty. More combinations of shapes for utility and weighting functions are found under uncertainty, suggesting that different... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Trader behavior; Risk aversion; Probability weighting. |
| Ano: 2007 |
URL: http://purl.umn.edu/37569 |
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| Registros recuperados: 41 | |
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