An Evaluation Of Risk Management Strategies For Dairy Farms
Variability in feed prices and crop yields are important sources of risk to dairy farmers. A simulation model of a representative dairy farm was used to evaluate crop insurance and hedging as risk management strategies. These strategies lowered expected net returns but also reduced risk. The preferred set of strategies at lower levels of risk aversion included hedging and crop insurance, although a base scenario in which no risk management strategies were employed was also efficient. The preferred strategy at higher levels of risk aversion was a combination of crop insurance and hedging.
Volume (Year): 24 (1992)
Issue (Month): 02 (December)
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- Lansford, Vernon & Madison, Daniel & Thompson, Wyatt & Willott, Brian & Adams, Gary M. & Babcock, Bruce A. & Beghin, John C. & Mohanty, Samarendu & Fuller, Frank H. & Chaudhary, Sudhir & Fabiosa, Jaci, 1999. "FAPRI 1999 U.S. Agricultural Outlook," Staff Reports 32049, Food and Agricultural Policy Research Institute (FAPRI).
- King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951, Spring.
- Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
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