By Jack Meyer (auth.), Richard E. Just, Rulon D. Pope (eds.)
After all of the study on agricultural possibility up to now, the therapy of chance in agricultural learn is much from harmonious. Many competing chance versions were proposed. a few new methodologies are principally untested. a number of the major empirical methodologies in agricultural monetary learn are poorly fitted to issues of combination information the place threat averse habit is much less prone to be important.
This booklet is meant to (i) outline the present kingdom of the literature on agricultural chance examine, (ii) offer a severe review of monetary chance learn on agriculture so far and (iii) set a examine time table that might meet destiny wishes and clients. this kind of study delivers to turn into of accelerating value simply because agricultural coverage within the usa and in other places has decidedly shifted from specific source of revenue help pursuits to risk-related motivations of supporting farmers care for chance. starting with the 1996 Farm invoice, the first set of coverage tools from U.S. agriculture has shifted from goal costs and put aside acreage to agricultural crop assurance.
simply because this e-book is meant to have particular implications for U.S. agricultural coverage, it has a decidedly household scope, yet essentially a few of the matters have software overseas. for every of the papers and issues incorporated during this quantity, members were chosen to provide the most powerful and broadest attainable remedy of every part of the matter. the result's this entire reference ebook at the economics of agricultural risk.
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Additional info for A Comprehensive Assessment of the Role of Risk in U.S. Agriculture
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Master's thesis, Department of Agricultural Economics and Economics, Montana State University. J. Barry. 1987. The Competitive Firm's Response to Risk. New York: MacMillan. D. 1952. " Econometrica 20: 431-449. Rubinstein, A. 1988. " Journal of Economic Theory 46: 145-153. Sandmo, A. 1971. " American Economic Review 61: 65-73. K. 1992. W. Bromley and K. , The Social Response to Environmental Risk: Policy Formulation in an Age of Uncertainty. Boston: Kluwer Academic Publishers. S. Becker. 1977.
Hypothetical payoff effects: at issue is whether or not social and market forces provide information, signals, and experience that reduce the degree of potentially costly EU violations. The importance of choice context has been shown experimentally by Hershey and Schoemaker (1981), Heath and Tversky (1991), and Roberts (1994). In Hershey and Schoemaker, individuals facing the same probabili- 34 THE ROLE OF RISK IN AGRICULTURE ties and outcomes are more likely to accept small losses in order to avoid large but improbable losses when the hypothetical question is posed as an insurance problem instead of as a simple lottery.
A Comprehensive Assessment of the Role of Risk in U.S. Agriculture by Jack Meyer (auth.), Richard E. Just, Rulon D. Pope (eds.)