文章基本信息

标题：Forward Pricing Behavior of Corn and Soybean Producers
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作者：Davis, Todd D. ; Patrick, George F. ; Coble, Keith H. 等
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2005
卷号：36
期号：4
页码：145-160
出版社：Food Distribution Research Society
摘要：Forward pricing behavior of random samples of Indiana, Nebraska, and Mississippi crop producers was analyzed using Heckman’s two-step limited information maximum likelihood estimation procedure. Producers who forward priced during the 1995-1998 period generally expected to forward price in 1999 using similar techniques. Probit models were estimated for cash forward contracts and taking a direct position in futures or options separately and combined. Results provide limited support for the hypothesis that forward pricing should be analyzed as an adoption decision. Variables reflecting risk attitudes do affect the decision to use forward pricing, while variables to economic position affect the level of forward pricing.
关键词：forward contracts;futures;grain marketing;Heckman procedure