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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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