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  • 标题:Mitigating Cotton Revenue Risk Through Irrigation, Insurance, and Hedging
  • 本地全文:下载
  • 作者:Barham, E. Hart Bise ; Robinson, John R.C. ; Richardson, James W.
  • 期刊名称:Journal of Food Distribution Research
  • 印刷版ISSN:0047-245X
  • 出版年度:2011
  • 页码:529-540
  • 出版社:Food Distribution Research Society
  • 摘要:This study focuses on managing cotton production and marketing risks using combinations of irrigation levels, put options (as price insurance), and crop insurance. Stochastic cotton yields and prices are used to simulate a whole-farm financial statement for a 1,000 acre furrow irrigated cotton farm in the Texas Lower Rio Grande Valley under 16 combinations of risk management strategies. Analyses for risk-averse decision makers indicate that multiple irrigations are preferred. The benefits to purchasing put options increase with yields, as they are more beneficial when higher yields are expected from applying more irrigation applications. Crop insurance is strongly preferred at lower irrigation levels.
  • 关键词:cotton;crop insurance;irrigation;options;puts;risk;simulation;stochastic efficiency with respect to a function
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