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Uncertainty, risk aversion, and risk management for agricultural producers

In: Handbook of Agricultural Economics

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Author Info
Moschini, Giancarlo
Hennessy, David A.

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Abstract

Uncertainty and risk are quintessential features of agricultural production. After a brief overview of the main sources of agricultural risk, we provide an exposition of expected utility theory and of the notion of risk aversion. This is followed by a basic analysis of agricultural production decisions under risk, including some comparative statics results from stylized models. Selected empirical topics are surveyed, with emphasis on risk analyses as they pertain to production decisions at the farm level. Risk management is then discussed, and a synthesis of hedging models is presented. We conclude with a detailed review of agricultural insurance, with emphasis on the moral hazard and adverse selection problems that arise in the context of crop insurance.

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This chapter was published in: B. L. Gardner & G. C. Rausser (ed.) Handbook of Agricultural Economics, , chapter 02, pages 88-153, 2001.

This item is provided by Elsevier in its series Handbook of Agricultural Economics with number 1-02.

Handle: RePEc:eee:hagchp:1-02

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Related research
This chapter was published in the following book, which is listed on IDEAS:
B. L. Gardner & G. C. Rausser (ed.), 2001. "Handbook of Agricultural Economics," Handbook of Agricultural Economics, Elsevier, edition 1, volume 1, number 1. [Downloadable!] (restricted)
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Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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  1. Moschini, GianCarlo & Myers, Robert J., 2001. "Testing for Constant Hedge Ratios in Commodity Markets: A Multivariate GARCH Approach," Staff General Research Papers 1945, Iowa State University, Department of Economics.
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  2. Sarris, Alexander, 2002. "The demand for commodity insurance by developing country agricultural producers - theory and an application to cocoa in Ghana," Policy Research Working Paper Series 2887, The World Bank. [Downloadable!]
  3. Kurkalova, Lyubov & Kling, Catherine L. & Zhao, Jinhua, 2003. "Green Subsidies in Agriculture: Estimating the Adoption Costs of Conservation Tillage from Observed Behavior," Staff General Research Papers 10354, Iowa State University, Department of Economics. [Downloadable!]
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