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Registros recuperados: 34
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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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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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Risk Aversion, Prudence, and the Three-Moment Decision Model for Hedging AgEcon
Chen, Xiaomei; Wang, H. Holly; Mittelhammer, Ronald C..
The linear two-moment mean-variance (MV) model has been widely used in finance and economic decision analysis as an approximation of Von Neumann-Morgenstern expected utility (EU) model. The introduction of third or higher moments not only can improve the accuracy of the approximation, but is also suitable to represent investors¡¯ skewness preference (prudence) with the latter supported by empirical evidence. The goal of this paper is to develop a general MVS model and compare it and the traditional MV model against the EU model in the setting of an individual producer hedging in the futures market. Results show: 1) the derived linear MVS model maintains the analytical convenience of MV model, 2) it can generate different results as MV, 3) it approximate...
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2006 URL: http://purl.umn.edu/21485
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THE CROWDING OUT EFFECTS OF THE 2002 FARM BILL ON HEDGING: EVIDENCE FROM PACIFIC NORTHWEST GRAIN FARMS AgEcon
Wang, H. Holly; Makus, Larry D.; Chen, Xiaomei.
The 2002 Food Security and Rural Investment (FSRI) Act introduced a price protection program called Counter Cyclical Payments (CCP) to major grain producers in the US. The CCP program is an addition to the Loan Deficiency Payment (LDP) and Direct Payment (DP) programs from the previous 1996 Federal Agriculture Improvement and Reform (FAIR) Act. At the same time, US federally subsidized crop revenue insurance programs also protect farmers from market and production risks. These government policy programs may crowd out the traditional price risk management role of hedging in commodity futures markets.
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural and Food Policy; Crop Production/Industries.
Ano: 2004 URL: http://purl.umn.edu/36259
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THE IMPACT OF RISK AVERSION, TIME PREFERENCE, AND INTERTEMPORAL SUBSTITUTABILITY ON FARMERS' RISK MANAGEMENT BEHAVIOR AgEcon
Du, Wen; Wang, H. Holly.
This paper applies the generalized expected utility (GEU) approach developed by Epstein and Zin (1989, 1991) to dynamic agricultural risk analysis. We explore the impacts of alternative preference parameters of farmers including of risk aversion, time preference, and intertemporal substitutability on their optimal risk management portfolio selection. Furthermore, we extend the GEU model by introducing a welfare measure, the equivalence variation, and investigate the impacts of U.S. government programs and market institutions on farmers' risk management decisions. We find farmers’ optimal hedge ratio is sensitive to changes in the preferences and the effects of these preferences changes are intertwined. The policy impact analysis shows government payment...
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2004 URL: http://purl.umn.edu/36235
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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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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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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 affecting reduced tillage adoption, continuous spring cropping use, and the number of changes made in response to wind erosion. We found problem perceptions or common socioeconomic variables couldn’t explain adoption of these practices, but participating in an educational program did.
Tipo: Conference Paper or Presentation Palavras-chave: Environmental Economics and Policy.
Ano: 2000 URL: http://purl.umn.edu/36376
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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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USING THE SPATIAL STATISTICS APPROACH TO ANALYZE YIELD RISK POOLING IN THE US AgEcon
Wang, H. Holly; Zhang, Hao.
Risk theory tells us if an insurer can effectively pool a large number of individuals to reduce the total risk, he then can provide the insurance by charging a premium close to the actuarially fair rate. There is, however, a common belief that the risk can be effectively pooled only when the random loss is independent, so that crop insurance markets cannot survive without government subsidy because crop yields are not independent among growers. In this paper, we take a a spatial statistics approach to examine the effectiveness of risk pooling for crop insurance under correlation. We develop a method for evaluating the effectiveness of risk pooling under correlation and apply the method to three major crops in the US: wheat, soybeans and corn. The empirical...
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2002 URL: http://purl.umn.edu/19633
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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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What Marketing Measures Can Organic Apple and Pear Growers Take to Increase Their Receipts? AgEcon
Wang, H. Holly; Ge, Yuanlong.
Tipo: Journal Article Palavras-chave: Crop Production/Industries; Marketing.
Ano: 2008 URL: http://purl.umn.edu/92857
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WILL TOO MANY LOWER QUALITY FRUITS DAMAGE THE ORGANIC MARKET AgEcon
Wang, H. Holly; Ge, Yuanlong.
Tipo: Conference Paper or Presentation Palavras-chave: Agribusiness; Demand and Price Analysis.
Ano: 2008 URL: http://purl.umn.edu/36976
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ZONE-BASED GROUP RISK INSURANCE AgEcon
Wang, H. Holly.
Current country-based group crop insurance, i.e., Group Risk Plan (GRP), is not an effective risk-reducing tool in counties where natural conditions are different across the area. Using only the historical yield information, a statistical approach is developed to group farmers by their yield similarity rather than linking them based on their association with a particular county. The cases of Washington State wheat farms and Iowa corn farms are the focus of this investigation. Sub-county or cross-county zones (clusters) are identified, and each farm is classified into a cluster where individual farm identification remains unknown. To improve risk-management and cost effectiveness of the crop insurance instrument, we propose implementation of zone-based GRP...
Tipo: Journal Article Palavras-chave: Risk and Uncertainty.
Ano: 2000 URL: http://purl.umn.edu/30904
Registros recuperados: 34
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