A Comprehensive Assessment of the Role of Risk in U.S. Agriculture / Edition 1

A Comprehensive Assessment of the Role of Risk in U.S. Agriculture / Edition 1

by Richard E. Just
     
 

ISBN-10: 079237567X

ISBN-13: 9780792375678

Pub. Date: 11/30/2001

Publisher: Springer US

After all the research on agricultural risk to date, the treatment of risk in agricultural research is far from harmonious. Many competing risk models have been proposed. Some new methodologies are largely untested. Some of the leading empirical methodologies in agricultural economic research are poorly suited for problems with aggregate data where risk averse…  See more details below

Overview

After all the research on agricultural risk to date, the treatment of risk in agricultural research is far from harmonious. Many competing risk models have been proposed. Some new methodologies are largely untested. Some of the leading empirical methodologies in agricultural economic research are poorly suited for problems with aggregate data where risk averse behavior is less likely to be important.
This book is intended to (i) define the current state of the literature on agricultural risk research, (ii) provide a critical evaluation of economic risk research on agriculture to date and (iii) set a research agenda that will meet future needs and prospects. This type of research promises to become of increasing importance because agricultural policy in the United States and elsewhere has decidedly shifted from explicit income support objectives to risk-related motivations of helping farmers deal with risk. Beginning with the 1996 Farm Bill, the primary set of policy instruments from U.S. agriculture has shifted from target prices and set aside acreage to agricultural crop insurance.
Because this book is intended to have specific implications for U.S. agricultural policy, it has a decidedly domestic scope, but clearly many of the issues have application abroad. For each of the papers and topics included in this volume, individuals have been selected to give the strongest and broadest possible treatment of each facet of the problem. The result is this comprehensive reference book on the economics of agricultural risk.

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Product Details

ISBN-13:
9780792375678
Publisher:
Springer US
Publication date:
11/30/2001
Series:
Natural Resource Management and Policy Series, #23
Edition description:
2002
Pages:
586
Product dimensions:
6.10(w) x 9.25(h) x 0.05(d)

Table of Contents

List of Figures
List of Tables
Preface
Pt. IBehavior Under Risk: General Concepts and their Significance for Agriculture
1Expected Utility as a Paradigm for Decision Making in Agriculture3
2Non-Expected Utility: What Do the Anomalies Mean for Risk in Agriculture?21
3Ordering Risky Choices41
4Conceptual Foundations of Expectations and Implications for Estimation of Risk Behavior53
5Information, Processing Capacity, and Judgment Bias in Risk Assessment81
Pt. IIConceptual Adaptations of Risk Models for Agriculture
6Dual Approaches to State-Contingent Supply Response Systems Under Price and Production Uncertainty105
7Can Indirect Approaches Represent Risk Behavior Adequately?121
8The Significance of Risk Under Incomplete Markets143
9Contracts and Risk in Agriculture: Conceptual and Empirical Foundations167
Pt. IIIAdequacy of General Methodological Approaches for Risk Analysis
10Programming Methods for Risk-Efficient Choice193
11The Econometrics of Risk213
12Agriculture as a Managed Ecosystem: Implications for Econometric Analysis of Production Risk243
13Survey and Experimental Techniques As an Approach for Agricultural Risk Analysis265
Pt. IVSources and Consequences of Agricultural Risk: How Farmers Manage Risk
14Modeling Price and Yield Risk289
15Agricultural Technology and Risk325
16Quality and Grading Risk353
17Finance and Risk Bearing in Agriculture371
18Does Liquidity Matter to Agricultural Production?391
19Precision Farming Technology and Risk Management417
Pt. VPolicy Issues Relating to Risk in Agriculture
20Crop Insurance As a Tool for Price and Yield Risk Management445
21Risk Management and the Role of the Federal Government469
22Risk Created by Policy in Agriculture489
23Risk Management and the Environment511
Pt. VIConclusions Regarding the Significance of Risk Research for Agriculture
24How Much Does Risk Really Matter to Farmers?537
25Past Progress and Future Opportunities for Agricultural Risk Research557
Index579

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