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

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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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Editorial Reviews

From the Publisher
'In the concluding chapter, the editors of the book attempt to draw together eight 'themes' that emerge from the preceding sections. This is done in a very concise fashion and results in an excellent summary of the current state of play in the subject as a whole. The book shows evidence of close editorial control. It is an excellent and heavyweight book, which should be on the shelf of every researcher who is seriously interested in risk in agriculture.'
European Review of Agriculture Economics, 29:4 (2002)
'This book, written by leaders in the field of risk and risk management in agriculture, provides an excellent reference book for anyone wanting to understand and pursue economic research on agricultural risk in the United States.'
American Journal of Agricultural Economics (November 2003)
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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
  • Edition number: 1
  • Pages: 600
  • Product dimensions: 9.21 (w) x 6.14 (h) x 1.31 (d)

Table of Contents

List of Figures
List of Tables
Preface
Pt. I Behavior Under Risk: General Concepts and their Significance for Agriculture
1 Expected Utility as a Paradigm for Decision Making in Agriculture 3
2 Non-Expected Utility: What Do the Anomalies Mean for Risk in Agriculture? 21
3 Ordering Risky Choices 41
4 Conceptual Foundations of Expectations and Implications for Estimation of Risk Behavior 53
5 Information, Processing Capacity, and Judgment Bias in Risk Assessment 81
Pt. II Conceptual Adaptations of Risk Models for Agriculture
6 Dual Approaches to State-Contingent Supply Response Systems Under Price and Production Uncertainty 105
7 Can Indirect Approaches Represent Risk Behavior Adequately? 121
8 The Significance of Risk Under Incomplete Markets 143
9 Contracts and Risk in Agriculture: Conceptual and Empirical Foundations 167
Pt. III Adequacy of General Methodological Approaches for Risk Analysis
10 Programming Methods for Risk-Efficient Choice 193
11 The Econometrics of Risk 213
12 Agriculture as a Managed Ecosystem: Implications for Econometric Analysis of Production Risk 243
13 Survey and Experimental Techniques As an Approach for Agricultural Risk Analysis 265
Pt. IV Sources and Consequences of Agricultural Risk: How Farmers Manage Risk
14 Modeling Price and Yield Risk 289
15 Agricultural Technology and Risk 325
16 Quality and Grading Risk 353
17 Finance and Risk Bearing in Agriculture 371
18 Does Liquidity Matter to Agricultural Production? 391
19 Precision Farming Technology and Risk Management 417
Pt. V Policy Issues Relating to Risk in Agriculture
20 Crop Insurance As a Tool for Price and Yield Risk Management 445
21 Risk Management and the Role of the Federal Government 469
22 Risk Created by Policy in Agriculture 489
23 Risk Management and the Environment 511
Pt. VI Conclusions Regarding the Significance of Risk Research for Agriculture
24 How Much Does Risk Really Matter to Farmers? 537
25 Past Progress and Future Opportunities for Agricultural Risk Research 557
Index 579
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