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Provedor de dados:  AgEcon
País:  United States
Título:  Do Farmers Hedge Optimally or by Habit? A Bayesian Partial-Adjustment Model of Farmer Hedging
Autores:  Dorfman, Jeffrey H.
Karali, Berna
Data:  2011-02-21
Ano:  2010
Palavras-chave:  Bayesian econometrics
Habit formation
Hedging decisions
Information sources
Agribusiness
Agricultural Finance
Farm Management
Financial Economics
Labor and Human Capital
Production Economics
Productivity Analysis
Research Methods/ Statistical Methods
C11
Q12
Q14
Resumo:  Hedging is one of the most important risk management decisions that farmers make and has a potentially large role in the level of profit eventually earned from farming. Using panel data from a survey of Georgia farmers that recorded their hedging decisions for 4 years on four crops, we examine the role of habit, demographics, farm characteristics, and information sources on the hedging decisions made by 57 different farmers. We find that the role of habit varies widely and that estimation of a single habit effect suffers from aggregation bias. Thus, modeling farmer-level heterogeneity in the examination of habit and hedging is crucial.
Tipo:  Journal Article
Idioma:  Inglês
Identificador:  http://purl.umn.edu/100519
Relação:  Journal of Agricultural and Applied Economics>Volume 42, Number 04, November 2010
Formato:  13
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