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| Registros recuperados: 45 | |
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| Mattos, Fabio; Garcia, Philip; Pennings, Joost M.E.. |
| This paper investigates the dynamics of sequential decision-making in agricultural futures and options markets. Analysis of trading records of 12 traders identified considerable heterogeneity in individual dynamic trading behavior. Using risk measures derived from the deltas and vegas of trader’s portfolios, we find nearly half the traders behavior is consistent with a house-money effect and the other half with loss aversion. These findings correspond closely to expected behavior inferred from elicited utility and probability weighting functions. The results call into question more aggregate findings that discount probability weighting to develop risk measures which support the notion of more uniform, less heterogeneous, behavior. Understanding behavior in... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Loss aversion; House-money effect; Futures; Options; Agricultural Finance. |
| Ano: 2008 |
URL: http://purl.umn.edu/37605 |
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| Franken, Jason R.V.; Pennings, Joost M.E.; Garcia, Philip. |
| Researchers employ various measures of risk attitudes to investigate their relation to market behavior with mixed results. We find that a higher-order global risk attitude construct, developed using survey scales and experiments based on expected utility theory, is related to several marketing alternatives, but does not exhibit substantially greater explanatory power than underlying measures. With few exceptions, scales yield greater significance of risk attitudes for these choices, but experimental measures reveal other insights, e.g., differential attitudes in gain and loss domains. Given recent concerns with experimental measures in the literature, we suggest studies include scales as a low cost supplemental measure. |
| Tipo: Presentation |
Palavras-chave: Risk behavior; Risk attitude; Futures and options; Forward contracts; Marketing contracts; Marketing; Risk and Uncertainty. |
| Ano: 2012 |
URL: http://purl.umn.edu/124471 |
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| Pennings, Joost M.E.; Garcia, Philip. |
| Financial research indicates that several firm characteristics are related to the use of derivatives. Less attention has been paid to the role of the characteristics of managers, which are particularly important when studying derivative usage of small and medium sized enterprises (SMEs). In this paper we focus on the influence of manager's level of education, the manager's decision-making unit, and the fundamental determinants of risk management - managerial risk attitude and managerial risk perception - on SMEs' commodity derivative usage. In empirical studies to date, the heterogeneity of derivative users has been neglected. We propose a generalized mixture regression model that estimates the relationship between commodity derivative usage and a set of... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2001 |
URL: http://purl.umn.edu/18955 |
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| Pennings, Joost M.E.; Garcia, Philip; Irwin, Scott H.. |
| Heterogeneity, i.e., the notion that individuals respond differently to economic stimuli, can have profound consequences for the interpretation of behavior and the formulation of agricultural policy. This paper compares and evaluates three grouping techniques that can be used to account for heterogeneity in financial behavior. Two are well established: company-type grouping and cluster analysis. A third, the generalized mixture regression model, has recently been developed and is worth considering as market participants are grouped such that their response to the determinants of economic behavior is similar. We evaluate the grouping methods in a hedging framework by assessing their ability to reflect relationships consistent with theory. The empirical... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Economic behavior; Heterogeneity; Hedging; Methods; Risk and Uncertainty; A10; B40; C1; D0; G0; L2; Q13. |
| Ano: 2011 |
URL: http://purl.umn.edu/114787 |
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| Schroeder, Ted C.; Tonsor, Glynn T.; Pennings, Joost M.E.; Mintert, James R.. |
| Beef food safety events have contributed to considerable market volatility, produced varied consumer reactions, created policy debates, sparked heated trade disputes, and generally contributed to beef industry frustrations. Better understanding of the forces causing observed consumer reactions in light of beef food safety events is critical for policy makers and industry participants. We examine whether consumers altered their beef consumption behavior because of their risk aversion and risk perceptions stemming from information about beef food safety in recent years. We use data from a total of 4,000 consumers in the U.S., Canada, Mexico and Japan to estimate a two-stage Probit/double-bounded Tobit modeling framework. Results reveal there are stark... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Cross-culture; Risk attitude; Risk perception; Food safety; Beef; Food Consumption/Nutrition/Food Safety; Livestock Production/Industries. |
| Ano: 2007 |
URL: http://purl.umn.edu/10254 |
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| Isengildina, Olga; Pennings, Joost M.E.; Irwin, Scott H.; Good, Darrel L.. |
| This study sought to examine the nature of farmers’ use of market advisory services based on the results of a survey of US crop producers. The survey revealed that market advisory service users tend to be significantly more risk seeking than non-users. Survey results indicated a large range in patterns of use of advisory services. Most farmers use advisory services to the greatest extent for marketing information, market analysis, and to keep up with markets. General guidelines (market strategies and price information) are utilized more than specific advice (e.g., specific pricing decisions, price forecasts). Only 11% of farmers reported that they closely follow the marketing recommendations provided by advisory services. Nonetheless, farmers report that... |
| Tipo: Report |
Palavras-chave: Agricultural Finance. |
| Ano: 2004 |
URL: http://purl.umn.edu/37489 |
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| Kuwornu, John K.M.; Kuiper, W. Erno; Pennings, Joost M.E.; Meulenberg, Matthew T.G.. |
| Food-supply chains have become extensively vertically coordinated through the use of contracts as an organizational response to satisfy the needs of consumers in the saturated food markets of the industrialized countries. The contracts involved must establish an optimal trade-off between incentive provision and risk reduction. Agency theory can be used to model this trade-off. We show how to do this in a three-stage (producer, wholesaler, retailer) principal-agent supply-chain model. Its application to the Dutch supply chain of ware potatoes shows that during the period 1961-2002, retailers have been able to provide more incentives to the wholesalers and producers and as a consequence the costs of coordination in the supply chain decreased. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 2005 |
URL: http://purl.umn.edu/26758 |
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| Pennings, Joost M.E.; Irwin, Scott H.; Good, Darrel L.. |
| In an effort to improve marketing of their products, many farmers use market advisory services (MAS). To date, there is only fragmented anecdotal information about how farmers actually use the recommendations of market advisory services in their marketing plans, and how they choose among these services. Based on the literature on consulting services usage, a conceptual framework is developed in which perceived performance of the MAS regarding realized crop price and risk reduction, and the match between the MAS and the farmer's marketing philosophy drive MAS usage. To account for possible heterogeneity among farmers regarding to the use of MAS, we introduce a mixture-modeling framework that is able to identify unobserved heterogeneity. With this modeling... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2001 |
URL: http://purl.umn.edu/18950 |
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| Pennings, Joost M.E.; van Ittersum, Koert. |
| We present a conceptual framework for policy makers to analyze consumer behavior in times of crisis. The framework provides policy makers and the agricultural industry with a tool to structure the discussion on how to communicate crises to consumers and serves as a basis for concrete marketing policy. The merits of this conceptualization are illustrated in a field study that examines the reactions of German, Dutch, and American consumers to the BSE (Mad Cow Disease) crisis. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20163 |
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| Franken, Jason R.V.; Pennings, Joost M.E.. |
| We propose a conceptual model that integrates transaction cost and risk behavior theories in an interdependence framework. Hypotheses are offered that relate the concepts that are central to the proposed model to the three dimensions of channel structures: the allocations of uncertainty, decision rights, and gains. An empirical research design is proposed to test the validity of the conceptual model within the context of the broiler and grain industries. The conceptual model will be validated in a structural equation modeling framework. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19414 |
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| Marsh, Julia W.; Pennings, Joost M.E.; Garcia, Philip. |
| Traders' perceptions drive their market behavior, and can influence the dynamics of liquidity. This study surveyed 420 traders on their perceptions of the price path during an order imbalance to better understand the dynamics of liquidity. While most liquidity models assume a linear price path, only 12% of traders perceive such a path. This raises questions on the validity of such models. There is considerable heterogeneity in the perceptions of the price path. While trader characteristics are often used to classify traders, trader characteristics do not explain the heterogeneity in perceptions. On the other hand, traders of a specific contract are associated with particular perceptions of the price path. This indicates that market microstructure may be... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2004 |
URL: http://purl.umn.edu/19014 |
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| Egelkraut, Thorsten M.; Garcia, Philip; Pennings, Joost M.E.; Sherrick, Bruce J.. |
| Using survey data from 258 Illinois corn farmers, we investigate the relationship between subjective and objective yield measures and their effect on the use of crop insurance. Our findings show that producers view themselves as better than average with respect to yields and in terms of their variability, and that over- and underconfidence also influence their use of crop insurance. The effects are not symmetric, overconfidence is primarily reflected in the larger-than-average yield, while underconfidence emerges mainly in the larger-than-average variability. Crop insurance use is further affected by risk preferences and county yield variability. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21369 |
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| Egelkraut, Thorsten M.; Woodard, Joshua D.; Garcia, Philip; Pennings, Joost M.E.. |
| This study extends previous work on the impact of commodity futures on portfolio performance by explicitly incorporating levered futures into the portfolio optimization problem. Using data on nine individual commodity futures and one aggregate index from 1994-2003, we find that collateralized and levered futures strategies perform similarly in an ex-post context. Significant differences between the approaches emerge however when constraints on investment behavior exist. Further, levered futures do not result in a prohibitive number of margin calls. The investment performances of the collateralized and the levered strategies vary little across different rebalancing intervals, and frequent portfolio rebalancing does not necessarily result in superior... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/19047 |
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| Registros recuperados: 45 | |
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