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| Registros recuperados: 24 | |
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| Hennings, Enrique; Sherrick, Bruce J.; Barry, Peter J.. |
| This study examines the impact of farmland investments on the risk-efficiency of mixed asset portfolios. Traditional asset classes considered available for investment include various equity market indices, commercial REITs, corporate bonds of investment- and sub investment grade, government bonds and treasury bills, corporate bonds, ex-U.S. equity indices, short term interest rate indexes, and commodity investments. Unlevered farmland returns were constructed at the state level as the sum of cash rent and capital gains less property taxes as a fraction of asset values. In addition, a unique, high quality data set comprised of the returns to all managed farmland properties in the NCREIF Farmland Index was also considered. A traditional optimal E-V... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2005 |
URL: http://purl.umn.edu/19273 |
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| Egelkraut, Thorsten M.; Sherrick, Bruce J.; Garcia, Philip; Pennings, Joost M.E.. |
| Using survey responses of Illinois corn farmers to differently framed yield questions, we examine their subjective information by relating stated yields and risk to the corresponding objective county measures. The results show that farm-level yields can be best characterized by soliciting probabilistic information, which provides more accurate yield assessments than an open-ended frame and consistent estimates of producers subjective risk. Moreover, we find that overconfidence can be confused with differences in relevant information and that using recent data may be more appropriate in examining subjective risk statements. Our results are important for agricultural policy-makers and researchers, particularly those who work with surveys that include... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries. |
| Ano: 2006 |
URL: http://purl.umn.edu/18991 |
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| Sherrick, Bruce J.. |
| The accuracy of producers' subjective probability beliefs is examined through a survey of large cash-grain farmers in Illinois. Findings reveal that their subjective probability beliefs about important weather variables are systematically mis-calibrated. The nature and extent of differences between subjective probability beliefs and probabilities based on long-term historic weather data are shown empirically, and through fitted calibration functions. The economic significance of inaccurate subjective probability beliefs is established in the context of insurance valuation. The results demonstrate that significant errors in producers' risk assessments and insurance valuation arise as a consequence of producers' systematically inaccurate probability... |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/31076 |
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| Urcola, Hernan A.; Schnitkey, Gary D.; Irwin, Scott H.; Sherrick, Bruce J.. |
| This study uses corn yield data from McLean County, Illinois to test whether farmer skill influences yields. This analysis is conducted by performing persistency tests on unadjusted, soil productivity adjusted (PA), and productivity and input intensity adjusted (PIA) yields. Correlation analysis and winner/loser tables indicate that unadjusted, PA, and PIA yields exhibit persistency across time. PIA yields exhibiting persistency is consistent with farmer skill influencing yield. Hence, our results support the hypothesis that farmer skill influences yields. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries. |
| Ano: 2004 |
URL: http://purl.umn.edu/19991 |
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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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| Velandia, Margarita M.; Rejesus, Roderick M.; Knight, Thomas O.; Sherrick, Bruce J.. |
| Factors affecting the adoption of crop insurance, forward contracting, and spreading sales are analyzed using multivariate and multinomial probit approaches that account for simultaneous adoption and/or correlation among the three risk management adoption decisions. Our empirical results suggest that the decision to adopt crop insurance, forward contracting, and/or spreading sales are correlated. Richer insights can be drawn from our multivariate and multinomial probit analysis than from separate, single-equation probit estimation that assumes independence of adoption decisions. Some factors significantly affecting the adoption of the risk management tools analyzed are proportion of owned acres, off-farm income, education, age, and level of business risks. |
| Tipo: Journal Article |
Palavras-chave: Adoption decisions; Crop insurance; Forward contracting; Multinomial probit; Multivariate probit; Risk management; Spreading sales; Agribusiness; Agricultural Finance; Crop Production/Industries; Demand and Price Analysis; Risk and Uncertainty; G22; Q12; Q18. |
| Ano: 2009 |
URL: http://purl.umn.edu/48751 |
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| Huang, Haixiao; Sherrick, Bruce J.; Gomez, Miguel I.; Miller, Gay Y.. |
| Based on a spatiotemporal hedonic farmland price model and county-level data in Illinois from 1979 to 1999, we examined the impact of swine production on farmland values. Our results show that, in addition to the conventional determinants of farmland values, an increase in swine production intensity has a negative relationship with farmland values while an increase in swine operation scale had a positive association with farmland values at the county level in Illinois. We also estimate the impact of changes in the Illinois swine industry over the period 1980-1999 on farmland values at the state level and find that changes in swine inventory and scale of swine operations have led to changes in farmland prices from $-10.56 to $62.96 per acre. In general, the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2003 |
URL: http://purl.umn.edu/22047 |
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| Zanini, Fabio C.; Sherrick, Bruce J.; Schnitkey, Gary D.; Irwin, Scott H.. |
| Considerable disagreement exists about the most appropriate characterization of farm-level yield distributions. Yet, the economic importance of alternate yield distribution specifications on insurance valuation, product designs and farm-level risk management has not been investigated or documented. The results of this study demonstrate that large differences in expected payments from popular crop insurance products can arise solely from the parameterization chosen to represent yields. The results suggest that the frequently unexamined yield distribution specification may lead to incorrect conclusions in important areas of insurance and risk management research such as policy rating, and assessment of expected payments from policies. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/18953 |
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| Egelkraut, Thorsten M.; Garcia, Philip; Sherrick, Bruce J.. |
| Options with different maturities can be used to generate volatility estimates for non-overlapping future time intervals. This paper develops the term structure of volatility implied by corn futures options, and evaluates the informational content of the implied forward volatility as a predictor of subsequent realized volatility. Using data from 1987-2001 and employing a flexible method to obtain the implied forward volatilities, two types of information are examined: 1) the market's estimate of future realized volatility for the nearby interval of the term structure and, 2) the market's expectation of the direction and magnitude of change of future realized volatility over time. In contrast to previous research, the results indicate that the implied... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Corn options; Implied forward volatility; Informational content; Term structure; Marketing. |
| Ano: 2003 |
URL: http://purl.umn.edu/18983 |
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| Hagedorn, Lewis A.; Irwin, Scott H.; Martines-Filho, Joao Gomes; Good, Darrel L.; Sherrick, Bruce J.; Schnitkey, Gary D.. |
| The purpose of this research report is to summarize the features of several types of "new generation" grain marketing contracts. Over the last several years, new types of grain marketing contracts have been developed by the grain industry in an attempt to improve the results of the marketing process for farmers. These products use automated pricing rules, discretionary marketing on the part of a professional advisor, options strategies, or some combination of all three; their goal is to achieve a price for the farmer near or above the "average" price offered by the market over a given time. Reports in the farm media suggest interest in new generation contracts has increased rapidly in recent years. This publication describes some of the contracts... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Crop Production/Industries; Marketing. |
| Ano: 2003 |
URL: http://purl.umn.edu/14782 |
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| Registros recuperados: 24 | |
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