A comprehensive assessment of the role of risk in U.S. agriculture /

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作者：edited by Richard E. Just and Rulon D. Pope.

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ISBN：9780792375678

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Summary: Publisher Summary 1 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. Publisher Summary 2 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.

I
I

PART I
BEHAVIOR UNDER RISK: GENERAL CONCEPTS AND
THEIR SIGNIFICANCE FOR AGRICULTURE
1 Expected Utility as a Paradigm for Decision Making in Agriculture ....................3
Jack Meyer
2 Non-Expected Utility: What Do the Anomalies Mean for ....................................21
Risk in Agriculture?
David E. Buschena
3 O rdering Risky C hoices ....................................................................................... 41
Lindon J. Robison and Robert J. Myers
4 Conceptual Foundations of Expectations and .....................................................53
Implicationsfor Estimation of Risk Behavior
Richard E. Just and Gordon C. Rausser
5 Information, Processing Capacity, and ....................................... ......... 81
Judgment Bias in Risk Assessment
David R. Just
PART II
CONCEPTUAL ADAPTATIONS OF RISK MODELS FOR AGRICULTURE
6 Dual Approaches to State-Contingent Supply Response.................................... 105
Systems Under Price and Production Uncertainty
Robert G. Chambers and John Quiggin
7 Can Indirect Approaches Represent Risk Behavior Adequately? ..................... 121
Rulon D. Pope and Atanu Saha
8 The Significance of Risk Under Incomplete Markets ........................................ 143
Jean-Paul Chavas and Zohra Bouamra-Mechemache
9 Contracts and Risk in Agriculture: Conceptual and.......................................... 167
Empirical Foundations
Brent Hueth and David A. Hennessy

PART III
ADEQUACY OF GENERAL METHODOLOGICAL
APPROACHES FOR RISK ANALYSIS
10 Programming Methods for Risk-Efficient Choice.............................................. 193
C. Robert Taylor and Thomas P. Zacharias
11 The Econom etrics of Risk...................................................................................213
Matthew T. Holt and Jean-Paul Chavas
12 Agriculture as a Managed Ecosystem: Implications for....................................243
Econometric Analysis of Production Risk
John M. Antle and Susan M. Capalbo
13 Survey and Experimental Techniques As an ......................................................265
Approach for Agricultural Risk Analysis
Brian Roe and Alan Randall
PART IV
SOURCES AND CONSEQUENCES OF AGRICULTURAL RISK:
HOW FARMERS MANAGE RISK
14 M odeling Price and Yield Risk.......................................................................... 289
Barry K. Goodwin and Alan P. Ker
15 Agricultural Technology and Risk .................................................. 325
Michele C. Marra and Gerald A. Carlson
16 Quality and Grading Risk..................................................................................353
Ethan Ligon
17 Finance and Risk Bearing in Agriculture .......................................................... 371
Peter J. Barry
18 Does Liquidity Matter to Agricultural Production? ......................................... 391
Michael J. Roberts and Nigel Key
19 Precision Farming Technology and Risk Management..................................... 417
James A. Larson, Burton C. English, and Roland K. Roberts
PART V
POLICY ISSUES RELATING TO RISK IN AGRICULTURE
20 Crop Insurance As a Toolfor Price and Yield Risk Management .....................445
Keith H. Coble and Thomas O. Knight

21 Risk Management and the Role of the Federal Qovernment..............................469
Joseph W. Glauber and Keith J. Collins /
22 Risk Created by Policy in Agriculture ............................................................... 489
Bruce L. Gardner
23 Risk Management and the Environment ............................................................511
Mark Metcalfe, David Sunding, and David Zilberman
PART VI
CONCLUSIONS REGARDING THE SIGNIFICANCE OF
RISK RESEARCH FOR AGRICULTURE
24 How Much Does Risk Really Matter to Farmers? .............................................537
Wesley N. Musser and George F. Patrick
25 Past Progress and Future Opportunitiesfor Agricultural Risk Research .........557
Richard E. Just and Rulon D. Pope
INDEX 579

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