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| Bond, Gary E.; Wonder, Bernard. |
| A procedure for the measurement of risk attitudes is developed and applied. The data for the analysis were obtained from a survey in which 201 farmers throughout Australia were asked to provide points of indifference between sure amounts of income and risky prospects. Although the conclusions from this pilot study are of a tentative nature, it is suggested that risk aversion is the most prevalent risk attitude in the agricultural sector. However, the average degree of risk aversion is relatively small and, in an expected utility context, farmers gave a wide variety of responses. The latter result highlights the need to consider the size distribution of risk attitudes in economic modelling. Influences of socioeconomic and other variables on risk attitudes... |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1980 |
URL: http://purl.umn.edu/23064 |
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| Bond, Gary E.; Thompson, Stanley R.; Geldard, Jane M.. |
| Basis risk can play a significant role in the determination of effective hedging strategies. In this paper a portfolio framework is developed to examine the effect of basis risk on hedging strategies for Australian wheat exports. Monthly data for the period 1977 to 1984 were used to implement the analytical framework. While the traditional definition of hedging implies a hedge ratio of unity, the results of this research show that the average ratio of optimal hedge to stockholding is well below unity. Evolving market conditions can also cause the optimal hedge ratio to vary substantially over time. |
| Tipo: Journal Article |
Palavras-chave: Marketing; Risk and Uncertainty. |
| Ano: 1985 |
URL: http://purl.umn.edu/22331 |
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