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.
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number
22257.
Length: Date of creation: 2003 Date of revision: Handle: RePEc:ags:aaea03:22257
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