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Registros recuperados: 34
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Weather-Based Crop Insurance Contracts for African Countries AgEcon
Karuaihe, Raphael N.; Wang, H. Holly; Young, Douglas L..
Weather constitutes the major source for production risk in agriculture. Weather index can be used construct crop insurance that demand less information and can avoid moral hazard and adverse selection problems. Based on mean-variance model, theoretical results on the optimal insurance coverage and its impact from risk preference, basis risk, and premium loading are derived, which are quite consistent to the empirical results from the expected utility model. Using South Africa corn data, we investigate growers' demand and efficiency of alternative hypothetical weather index crop insurance programs. In contrast to previous work that suggests that a single-variable weather index suffices to develop an insurance contract, this study shows that the insured...
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty; C51; C61; G22; Q14.
Ano: 2006 URL: http://purl.umn.edu/25378
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Assessing Consumer Preferences and Attitudes toward Imported Pork in Urban China AgEcon
Ortega, David L.; Wang, H. Holly; Wu, Laping.
China’s transition into a developed economy is driving changes in consumer preferences and demand for foods. To evaluate consumer preferences for imported pork in urban China, primary data were collected in two metropolitan areas- Beijing and Shanghai. Estimated logit models revealed that an individual’s age, shopping location and food safety concerns significantly influenced their willingness-to-pay for U.S. pork. A proportional linear model was developed to evaluate factors affecting purchasing behavior of western-style pork cuts vs. traditional Chinese cuts. Food safety concerns were linked to a previous lean-meat additive scare and a lack of consumer confidence on the Chinese food inspection system.
Tipo: Conference Paper or Presentation Palavras-chave: China; Imported Pork; Willingness-to-pay; Ordered Logit; Food Safety; Consumer/Household Economics; Food Consumption/Nutrition/Food Safety; International Development; Marketing; D120; D190; M390; Q130; Q180.
Ano: 2009 URL: http://purl.umn.edu/49993
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EVALUATING RISK MANAGEMENT STRATEGIES FOR NON-IRRIGATED SMALL GRAIN PRODUCERS AgEcon
Makus, Larry D.; Wang, H. Holly; Chen, Xiaomei.
Risk management strategies (market and insurance based) are evaluated for selected small grain producers in the Pacific Northwest using expected utility maximization. Equivalent variation (EV) compares alternative risk management portfolios to cash sales under specified restrictions and conditions. Resulting EV's are strongly influenced by government payments, and hedging-based strategies are not used when counter cyclical payments are included in government programs. Optimum risk management portfolios include extensive coverage by insurance-based products only when such products have premiums that are heavily subsidized, or have premiums with no significant expense load.
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2003 URL: http://purl.umn.edu/22257
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Insuring Rural China's Health? An Empirical Analysis of China's New Cooperative Medical System AgEcon
Zhang, Linxiu; Wang, H. Holly; Rozelle, Scott; Yan, Yuanyuan.
Although health is an important factor in economic development, millions of China's rural residents have no medical coverage. Nearly 10 percent of those that were sick in rural China consciously did not seek medical care, mostly because of financial constraints. More than 25% of rural residents are dissatisfied with their village's health system. In response to this deteriorating situation, a new cooperative medical system (NCMS) was initialized in rural China in 2003 by the government. However, after two years of trials, there has been no household-based, economic analysis of the program. This paper provides one of the first. Although where introduced, most rural residents voluntarily participate, there are many problems with the program. First, at least...
Tipo: Conference Paper or Presentation Palavras-chave: Rural Health; Insurance; Targeting; Design Problems; China; Health Economics and Policy; I11; O15; O53.
Ano: 2006 URL: http://purl.umn.edu/25586
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THE POSSIBILITY OF A PRIVATE CROP INSURANCE MARKET: THE THEORETICAL FOUNDATIONS AgEcon
Krogmeier, Joseph L.; Wang, H. Holly.
The theoretical foundation for risk pooling in insurance has heavily depend on the independence assumption of losses, which is severely violated in crop insurance. A weaker condition, asymptotic nonpositive correlation can also lead to risk pooling and is satisfied by yield losses. Therefore, private insurance and reinsurance markets may work.
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 1998 URL: http://purl.umn.edu/20902
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IDENTIFYING THE SUB-COUNTY ZONE FOR GROWERS: A MODEL-BASED CLASSIFICATION FOR CROSS SECTIONAL AND TIME SERIES DATA AgEcon
Wang, H. Holly; Zhang, Hao.
County-based group crop insurance is not effective to growers in counties with heterogenous production practice. A model-based cluster and classification method is developed to facilitate the information needed in the study of sub-county-zone-based crop insurance. Wheat yield data from Whitman, WA is applied in the empirical analysis.
Tipo: Conference Paper or Presentation Palavras-chave: GRP; Cluster; Classification; Mixed Effect Model; Wheat Yield; Crop Production/Industries; Financial Economics; Research Methods/ Statistical Methods.
Ano: 1999 URL: http://purl.umn.edu/21637
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Production Risk and Crop Insurance Effectiveness: Organic Versus Conventional Apples AgEcon
Chen, Xiaomei; Wang, H. Holly; Makus, Larry D..
This paper empirically examines the income risks for Pacific Northwest apple growers, both conventional and organic. Current yield based apple production insurance, the Growers Yield Certification (GYC), and hypothesized revenue based insurance are also examined for their risk management effect on growers. Results show that organic apple production is more risky but has higher expected return than its conventional counterpart. The current GYC is subsidized and subsidized more for organic growers. However, the current low price selection levels prevent these programs from offering effective risk reducing effect, and they also prevent the hypothesized revenue insurance from showing its advantage over yield insurance as in the case of other major field...
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2007 URL: http://purl.umn.edu/9381
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Got (Safe) Milk? Chinese Consumers’ Valuation for Select Food Safety Attributes AgEcon
Ortega, David L.; Wang, H. Holly; Wu, Laping; Bai, Junfei; Olynk, Nicole J..
Food safety issues often arise from problems of asymmetric information between consumers and suppliers of food with regards to product-specific attributes or characteristics. Food safety concerns in China are having a drastic impact on consumer behavior, commodity markets, international trade and food security. An additional challenge to the problem of asymmetric information lies in the inherent structure of the governing bodies which oversee food safety and quality. Unlike the United States and other developed countries, China’s food safety is regulated by several government entities with different and sometimes overlapping responsibilities. As a result consumers don’t have a comprehensive food safety and quality system on which to base their economic...
Tipo: Conference Paper or Presentation Palavras-chave: China; Choice experiment; Mixed logit; Latent class logit; Food safety; Preference heterogeneity; Willingness-to-pay; Food Consumption/Nutrition/Food Safety; International Relations/Trade; Marketing; Q11; Q18.
Ano: 2011 URL: http://purl.umn.edu/98723
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INTERTEMPORAL DECISIONS OF FARMERS’ RISK MANAGEMENT: A DYNAMIC OPTIMIZATION WITH GENERALIZED EXPECTED UTILITY AgEcon
Du, Wen; Wang, H. Holly.
In this paper we attempt an intertemporal study of risk management decisions for wheat growers in the Pacific Northwest. We apply a generalized expected utility model (GEU) to examine the farmers’ optimal choices of hedging ratios and crop insurance coverage levels in the presence of government payment programs in a multi-period production environment. A stochastic trend model is used to identify the long-term time series patterns of annual wheat yields, cash prices, and futures prices from two counties in Washington. The fitted models are then used as the base for yield and price simulation over the next five years. The stochastic dynamic optimization problem is solved numerically based on simulated data. The optimal solutions indicate that the GEU model...
Tipo: Working or Discussion Paper Palavras-chave: Crop Production/Industries; Risk and Uncertainty.
Ano: 2004 URL: http://purl.umn.edu/36205
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Modeling Heterogeneity in Consumer Preferences for Select Food Safety Attributes in China AgEcon
Ortega, David L.; Wang, H. Holly; Wu, Laping; Olynk, Nicole J..
Food safety issues often arise from problems of asymmetric information between consumers and suppliers with regards to product-specific attributes. Severe food safety scandals were observed recently in China that not only caused direct economic and life loss but also created distrust in the Chinese food system domestically as well as internationally. While much attention has focused on the problems plaguing the Chinese government’s food inspection system, little research has been dedicated to analyze consumers’ concerns over food safety. In this paper we measure consumer preferences for select food safety attributes in pork and take their food safety risk perceptions into account. Several choice experiment models, including latent class and random...
Tipo: Conference Paper or Presentation Palavras-chave: Food safety; Choice experiment; Willingness-to-pay; Risk perceptions; Random parameters logit; Latent class logit; Agricultural and Food Policy; Consumer/Household Economics; Food Consumption/Nutrition/Food Safety; Q13; Q17; Q18.
Ano: 2010 URL: http://purl.umn.edu/61175
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Estimating Farm Level Multivariate Yield Distribution Using Nonparametric Methods AgEcon
Zheng, Qiujie; Wang, H. Holly; Shi, Qinghua.
Modeling crop yield distributions has been an important topic in agricultural production and risk analysis, and nonparametric methods have gained attention for their flexibility in describing the shapes of yield density functions. In this article, we apply a nonparametric method to model joint yield distributions based on farm-level data for multiple crops, and also provide a way of simulation for univariate and bivariate distributions. The results show that the nonparametric models, both univariate and bivariate, are estimated quite well compared to the original samples, and the simulated empirical distributions also preserve the attributes of the original samples at a reasonable level. This article provides a feasible way of using multivariate...
Tipo: Conference Paper or Presentation Palavras-chave: Yield distribution; Multi-variate nonparametric; China; Farm-level; Risks; Farm Management; Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/6509
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Intertemporal Risk Management Decisions of Farmers under Preference, Market, and Policy Dynamics AgEcon
Wang, H. Holly; Du, Wen.
This paper adapts a generalized expected utility (GEU) maximization model (Epstein and Zin, 1989 and 1991) to examine the intertemporal risk management of wheat producers in the Pacific Northwest. Optimization results based on simulated data indicate the feasibility of the GEU optimization as a modeling framework. It further extends the GEU model by incorporating a welfare measure, the certainty equivalent, to investigate the impacts of U.S. government programs and market institutions on farmers' risk management decisions and welfare. A comparison between the GEU and other expected utility models further implies GEU has the advantage of specifying farmers' intertemporal preferences separately and completely. Impact analysis results imply that farmers'...
Tipo: Conference Paper or Presentation Palavras-chave: Generalized expected utility; Risk management; Multi-period production; Dynamic optimization; Intertemporal preference; Market institution; Government payments; Risk and Uncertainty; Q14; D9; C61.
Ano: 2005 URL: http://purl.umn.edu/19526
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Efficiency tests of agricultural commodity futures markets in China AgEcon
Wang, H. Holly; Ke, Bingfan.
The efficiency of the Chinese wheat and soybean futures markets is studied. Formal statistical tests were conducted based on Johansen’s cointegration approach for three different cashmarkets and six different futures forecasting horizons ranging from1 week to 4 months.The results suggest a long-termequilibrium relationship between the futures price and cash price for soybeans and weak short-term efficiency in the soybean futures market. The futures market for wheat is inefficient, which may be caused by overspeculation and government intervention.
Tipo: Article Palavras-chave: Cointegration; Futures market; Price; Soybean; Wheat; Marketing; Risk and Uncertainty.
Ano: 2005 URL: http://purl.umn.edu/118441
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THE ROLE OF ENVIRONMENTAL EDUCATION IN PREDICTING ADOPTION OF WIND EROSION CONTROL PRACTICES AgEcon
Wang, H. Holly; Young, Douglas L.; Camara, Oumou M..
Logit and ordered probit analyses were used to identify factors associated with reduced tillage adoption, continuous spring cropping, and the number of changes made in response to wind erosion. Contrary to previous results for water erosion control, simple perception of a wind erosion problem or membership in a particular socioeconomic category did not significantly explain adoption of wind erosion control practices, but participating in a targeted educational program did. This educational program: (a) highlighted the threats of wind erosion to human health and to soil productivity, and (b) described specific potentially profitable farming practices for solving the wind erosion problem.
Tipo: Journal Article Palavras-chave: Environmental Economics and Policy.
Ano: 2000 URL: http://purl.umn.edu/30906
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Efficiency Costs of Subsidy Rules for Crop Insurance AgEcon
Wang, H. Holly; Hanson, Steven D.; Black, J. Roy.
Participation in federal crop insurance programs has been encouraged through premium subsidies. The current subsidy depends on contract features as well as coverage levels. This type of subsidy rule causes farmers to choose contract designs and coverages that are not efficient for managing risk, in order to capture subsidy. Farmers are found to be as well off with a flat subsidy that is up to 25% less than the value of the current regressive proportional subsidy.
Tipo: Journal Article Palavras-chave: Crop insurance; Futures; Risk management; Subsidy; Risk and Uncertainty.
Ano: 2003 URL: http://purl.umn.edu/30717
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PACIFIC NORTHWEST GRAIN GROWNERS' INCOME RISK MANAGEMENT AgEcon
Ke, Bingfan; Wang, H. Holly.
In this paper, we identified the most desirable farm income risk management strategies for two rotation systems in the Pacific Nowthwest(PNW)area under a framework of expected utility maximization. Insurance programs available to PNW farmers and wheat futures market instruments are included in this study. The risk management effectiveness of each instrument and the substitute effect of revenue insurance programs on the combination of yield insurance and futures market are also evaluated.
Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries; Risk and Uncertainty.
Ano: 2001 URL: http://purl.umn.edu/36061
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Consumer Preferences for U.S. Pork in Urban China AgEcon
Ortega, David L.; Wang, H. Holly; Wu, Laping.
China’s transition into a developed economy is driving changes in consumer preferences and demand for foods. To evaluate consumer preferences for U.S. pork in urban China, primary data were collected in two metropolitan areas- Beijing and Shanghai. Estimated logit models revealed that an individual’s age, shopping location and food safety concerns significantly influenced their willingness-to-pay for U.S. pork. A proportional linear model was developed to evaluate factors affecting purchasing behavior of western-style pork cuts vs. traditional Chinese cuts. Food safety concerns were linked to a previous lean-meat additive scare and a lack of consumer confidence on the Chinese food inspection system.
Tipo: Conference Paper or Presentation Palavras-chave: China; U.S. Pork; Willingness-to-pay; Ordered Logit; Food safety; Agricultural and Food Policy; Consumer/Household Economics; Marketing; D120; D190; M390; Q130; Q180.
Ano: 2009 URL: http://purl.umn.edu/49184
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CAN REVENUE INSURANCE SUBSTITUTE FOR PRICE AND YIELD RISK MANAGEMENT INSTRUMENTS? AgEcon
Hanson, Steven D.; Black, J. Roy; Wang, H. Holly.
This is a revised copy of Staff Paper 2000-48.
Tipo: Working or Discussion Paper Palavras-chave: Risk and Uncertainty.
Ano: 2000 URL: http://purl.umn.edu/11655
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Trade and Integration of the US and China’s Cotton Markets AgEcon
Ge, Yuanlong; Wang, H. Holly; Ahn, Sung K..
The cotton market in China is highly interactive with international markets, especially, the US market. The prices in these two markets can reveal important market relations. Investigating the data of futures prices from the New York Board of Trade (NYBOT) and the Zhengzhou Commodity Exchange (CZCE) using several time series methods, we find a long-run cointegration relationship between these I(1) series. Furthermore, a bi-directional Granger Causality between these two futures markets is detected with Generalized Autoregressive Conditional Heteroskedasticity (GARCH) error specifications. We also find the relationship is impacted by the Chinese exchange rate policy change in the 2005.
Tipo: Conference Paper or Presentation Palavras-chave: Cotton futures prices; Cointegration; Granger causality test; AR-GARCH; Agricultural Finance; Demand and Price Analysis; International Relations/Trade.
Ano: 2007 URL: http://purl.umn.edu/36975
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Average Crop Revenue Election (ACRE) Program or Traditional Government Payment Programs: What Factors Matter? AgEcon
Chen, Yunguang; Wang, H. Holly; Patrick, George F..
Rankings of different risk management portfolios including Average Crop Revenue Election (ACRE), traditional government payment programs, crop insurance and hedging in futures; and optimal choices of insurance coverage levels and hedge ratios are evaluated for a representative central Indiana corn farm, using Monte Carlo simulation and optimization of expected utilities. The changes of preference between ACRE and traditional government programs under comprehensive scenarios of price and yield risks are studied. Also, Interactions between ACRE and other risk management instruments are examined, and government costs and risk management efficiencies between ACRE and traditional government programs are compared. The results show a strong preference of ACRE for...
Tipo: Conference Paper or Presentation Palavras-chave: ACRE; Farm Bill; Crop insurance; Willingness to pay; Government expenditure; Government programs; Agricultural and Food Policy; Agricultural Finance; Risk and Uncertainty.
Ano: 2010 URL: http://purl.umn.edu/61490
Registros recuperados: 34
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