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| Registros recuperados: 73 | |
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| Hennessy, David A.; Wei, Wei. |
| This article analyses optimal decisions under regulation by tradable agricultural production/marketing quotas when production is stochastic. For risk‐neutral and risk‐averse producers the fraction of planned production that is covered by quota is separable from input decisions when yield randomness is additive. The role of quota in protecting against the risk of production shortfall is investigated. A producer is shown to benefit from being allowed to treat as one all tranches of production quota under his control. Production decisions are invariant to this amalgamation. But when production randomness is additive normal, the qualitative impact of amalgamation on quota positions depends upon whether the ratio of rental price to the price difference that is... |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2000 |
URL: http://purl.umn.edu/117837 |
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| Dong, Fengxia; Hennessy, David A.; Jensen, Helen H.; Park, Timothy A.. |
| The most widely used measure of milk hygiene is Somatic Cell Count (SCC), where low SCC values indicate more wholesome milk. Dirt, often associated with grazing, carry bacteria and these bacteria can cause mastitis. Milk from cows with mastitis generally has higher SCC levels and cows with mastitis are most readily treated with antibiotics. Milk with high SCC is penalized by distributers as it is difficult to process and is not considered as wholesome in fluid markets. Grazing cows is common for many organic farmers. However, regulators prohibit antibiotic use under organic production. Intensive management protocols, maintaining equipment, and closely managing the herd’s environment offer substitutes for antibiotics use. Organic milk carries with it a... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Milk; Organic; Quality; Quantile; Food Consumption/Nutrition/Food Safety; Livestock Production/Industries. |
| Ano: 2010 |
URL: http://purl.umn.edu/61137 |
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| Hennessy, David A.; Roosen, Jutta; Jensen, Helen H.. |
| Many deficiencies in the capacity of a food system to deliver safe products are systemic in nature. We suggest a taxonomy of four general ways in which a systemic failure might occur. One relates to the connectedness, or topology, of the system. Another arises from mistrust on the part of downstream parties concerning signals on product attributes, production processes, and the performance of regulatory mechanisms. A third arises when asymmetric information leads to low incentives for preserving food quality. Finally, inflexibilities in adapting to different states of nature may leave the system vulnerable to failures. Innovations in information technology and institutional design may ameliorate many problems, while appropriate trade, industrial... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Food Consumption/Nutrition/Food Safety. |
| Ano: 2002 |
URL: http://purl.umn.edu/18601 |
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| Hennessy, David A.. |
| The use of plausible stochastic price processes in price risk analysis has allowed advances not seen in crop yield risk analysis. This study develops a stochastic process for yield modeling and risk management. The Pólya urn process is an internally consistent dynamic representation of yield expectations over a growing season that accommodates agronomic events such as growing degree days. The limiting distribution is the commonly used beta distribution. Binomial tree analysis of the process allows us to explore hedging decisions and crop valuation. The method is empirically flexible to accommodate alternative assumptions on the growing environment, such as intra-season input decisions. |
| Tipo: Journal Article |
Palavras-chave: Crop abandonment; Crop insurance; Derivative analysis; Growing degree days; Pólya’s urn; Stochastic process; Crop Production/Industries. |
| Ano: 2011 |
URL: http://purl.umn.edu/105548 |
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| Hennessy, David A.. |
| The modeling of price risk in the theory and practice of commodity risk management has been developed far beyond that of crop yield risk. This is in large part due to the use of plausible stochastic price processes. We use the Pólya urn to identify and develop a model of the crop yield expectation stochastic process over a growing season. The process allows a role for agronomic events, such as growing degree days. The model is internally consistent in adhering to the martingale property. The limiting distribution is the beta, commonly used in yield modeling. By applying binomial tree analysis, we show how to use the framework to study hedging decisions and crop valuation. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Crop insurance; Growing degree days; Martingale; Pólya urn; Stochastic process.; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/54829 |
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| Hennessy, David A.. |
| We develop a dynamic capital valuation model in which each farm can take an action with farm-varying cost to increase the probability of not contracting a disease. In the presence of infection externalities, circumstances are identified under which multiple equilibria exist and where the one involving the most extensive set of action takers is socially optimal. It is suggested that costly capital markets are one factor in determining the extent of endemic disease in a region. The introduction of frictions, such as dealing with a cumbersome veterinary public health bureaucracy, can enhance social welfare by encouraging precautionary biosecurity actions. Some technical innovations can reduce social welfare. The model is also extended to study a voluntary... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Biosecurity; Continuous time; Multiple equilibria; Nash behavior; Reinfection; Livestock Production/Industries. |
| Ano: 2005 |
URL: http://purl.umn.edu/18330 |
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| Registros recuperados: 73 | |
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