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| Registros recuperados: 14 | |
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| Wu, Feng; Guan, Zhengfei. |
| This article has presented a farmer decision making model of participation in the Conservation Reserve Program (CRP) under the current rising bio-fuel production. The decision is specified as an optimal stopping problem and farming return is assumed following stochastic process with the uncertainty of growth rate. Nonliear Kalman filter approach is used to continuously upgrade the new information and estimate the random growth rate with the minimum error. The problem is formulated as a linear complementarity problem that is solved numerically using a fully implicit finite difference method. It is found that participation in the CRP is sensitive to financial incentive, and shortening contract length is also an effective method to promote land enrollment in... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Conservation Reserve Program; Nonlinear Kalman Filter; Farmer Participation; Real Option; Environmental Economics and Policy. |
| Ano: 2009 |
URL: http://purl.umn.edu/51646 |
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| Xu, Z.; Guan, Zhengfei; Jayne, Thomas S.; Black, J. Roy. |
| Major Findings: The additional maize produced from a given amount of fertilizer applied varied widely across households even after largely controlling for soil and rainfall conditions. The median estimated response rate was 15.9kgs of maize per kg nitrogen applied; Under the range of conditions and smallholder management practices, average maize fertilizer response rates declined as the application rate increased beyond 2 bags of urea and 2 bags of D compound; Factors raising the response rate and profitability of fertilizer use included timely availability, application rates less than the MOA 4x4 recommendation, use of animal draft power in land preparation, and use of hybrid seed. In remote areas, and given current management practices, fertilizer use... |
| Tipo: Report |
Palavras-chave: Agriculture; Africa; Zambia; Fertilizer; Crop Production/Industries; Q12. |
| Ano: 2009 |
URL: http://purl.umn.edu/54639 |
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| Xu, Zhiying; Guan, Zhengfei; Jayne, Thomas S.; Black, J. Roy. |
| Fertilizer use remains very low in most of Africa despite widespread agreement that much higher use rates are required for sustained agricultural productivity growth. This study estimates maize yield response functions in agro-ecological Zone IIA, a relatively high potential zone of Zambia, to determine the profitability of fertilizer use under a range of small farm conditions found within this zone. The theoretical framework used in this study incorporates agronomic principles of the crop growth process. The model distinguishes different roles of inputs and non-input factors in crop production. We estimate the effects of conventional production inputs as well as household characteristics and government programs on maize yield for households in the... |
| Tipo: Report |
Palavras-chave: Zambia; Maize; Fertilizer; Profitability; Crop Production/Industries; Q12. |
| Ano: 2009 |
URL: http://purl.umn.edu/54500 |
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| Wu, Feng; Guan, Zhengfei. |
| This study proposed a theoretical framework for analyzing farm capital structure choice. The theoretical model recognizes that the costs of debt are endogenously determined which in turn reflect the degree of credit constraint faced by individual borrowers. Based on the proposed model, we derived the impacts of different determinants on capital structure choice analytically. The theoretical inferences are further tested with empirical data. Methodologically, we proposed a fixed-effect quantile regression procedure to estimate the impacts of determinants at different ranges of leverage. The effects of determinants are discussed in the empirical application. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Capital Structure; Cost of Debt; Credit Constraint; Quantile Regression; Agricultural Finance. |
| Ano: 2008 |
URL: http://purl.umn.edu/6130 |
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| Wu, Feng; Guan, Zhengfei. |
| Accurately forecasting volatility at distant horizons is critical for managing long-term risk in agriculture. Given the poor performance of GARCH-type models at long-term volatility forecast, we develop a risk-adjusted implied volatility, which adjust the risk-neutral implied volatility by correctly accounting for the volatility risk premium. The paper evaluates the performance of the new implied volatility in the corn futures market relative to two alternative forecasts- a three-year moving average forecast and a naïve forecast. The finding from the study is that the new implied volatilities have at least as well as or stronger predictive power than alternative predicting approaches. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk-neutral; Volatility risk premium; Forecast; Corn options; Demand and Price Analysis. |
| Ano: 2010 |
URL: http://purl.umn.edu/61316 |
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| Tang, Sai; Guan, Zhengfei; Jin, Songqing. |
| Credit markets are an essential economic institution. In developing countries, particularly in countries undergoing rapid social and economic transition, it is important to identify emerging credit demand and institute credit supply in a timely manner to facilitate economic transformation. This research focuses on the evolving rural credit market in China, where borrowing from the social network has been common but the recent economic transition has made this informal credit market inadequate in addressing rural credit needs. This research is aimed at identifying the social and economic factors that explain the farmers’ credit constraint and influence farmers’ decisions to switch from informal to formal credit markets. Using data from a household survey,... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Formal Credit; Informal Credit; Credit Markets; Rural Credit; China; Agricultural Finance; Farm Management. |
| Ano: 2010 |
URL: http://purl.umn.edu/61339 |
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| Wu, Feng; Guan, Zhengfei. |
| One of the problems facing the cellulosic ethanol industry is the cellulose material supply. The U.S. forestlands have considerable potential to become one of the main sources of biomass to meet the 2022 renewable fuel target. Focusing on the land exiting the Conservation Reserve Program (CRP), the article finds that few landowners are willing to convert their land to forestland after the CRP contract is expired. Our econometric estimates show the choice decision is responsive to net returns of land use alternatives, especially cropland. Two policy initiatives are suggested to provide direct incentives for land use change. The nested logit estimates are used to simulate landowners‘ responses to policy mechanism. The results show that subsidies can... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Cellulosic Ethanol; Biomass; Land Use; The CRP; Forestland; Environmental Economics and Policy. |
| Ano: 2009 |
URL: http://purl.umn.edu/49451 |
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| Wu, Feng; Guan, Zhengfei. |
| This article examines the volatility spillovers from energy market to corn market. Using a volatility spillover model from the finance literature, we found significant spillovers from energy market to corn cash and futures markets, and the spillover effects are time-varying. The business cycle proxied by crude oil prices is shown to affect the magnitude of spillover effects over time. Based on the strong informational linkage between energy market and corn market, a cross hedge strategy is proposed and its performance studied. The simulation outcomes show that compared to alternative strategies of no hedge, constant hedge, and GARCH hedge, the cross hedge does not yield superior risk-reduction performance. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Volatility Spillover; GARCH; Optimal Hedge Ratio; Energy Price; Corn Price; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/49453 |
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| Registros recuperados: 14 | |
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