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Policy and risk implications for an individual grain farm

Author

Listed:
  • Jim Dayton

    (Agricultural-Industry and Agricultural Computer Applications, Ohio Cooperative Extension Service)

  • E. Dean Baldwin

    (Department of Agricultural Economics and Rural Sociology, The Ohio State University)

Abstract

Farmers should include risk in their marketing, management, and financial plan. This article describes a conceptual model of risk and a microcomputer model, presents output for a hypothetical farm and examines the effects of agricultural policy and futures price, basis and crop yield risk on the financial probability distribution. The model should be solved for specific farms; conclusions should not be based on averages. Although participation in agricultural programs improves the financial position for a farm, price signals among grain are distorted causing a misallocation of resources. Financial survival distributions vary with size of risk coefficients.

Suggested Citation

  • Jim Dayton & E. Dean Baldwin, 1989. "Policy and risk implications for an individual grain farm," Agribusiness, John Wiley & Sons, Ltd., vol. 5(2), pages 181-195.
    • Handle: RePEc:wly:agribz:v:5:y:1989:i:2:p:181-195
    DOI: 10.1002/1520-6297(198903)5:2<181::AID-AGR2720050209>3.0.CO;2-D
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    References listed on IDEAS

    as
    1. Anderson, Kim B. & Ikerd, John E., 1985. "Whole Farm Risk-Rating Microcomputer Model," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(1), pages 183-187, July.
    2. Anderson, Kim B. & Ikerd, John E., 1985. "Whole Farm Risk-Rating Microcomputer Model," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(1), pages 1-5, July.
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    Cited by:

    1. Tomek, William G. & Peterson, Hikaru Hanawa, 2000. "Risk Management In Agricultural Markets: A Survey," 2000 Producer Marketing and Risk Management Conference, January 13-14, Orlando, FL 19580, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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