文章基本信息

标题：EVALUATION OF HEDGING IN THE PRESENCE OF CROP INSURANCE AND GOVERNMENT LOAN PROGRAMS
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作者：Zuniga, Manuel ; Coble, Keith H. ; Heifner, Richard G. 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2001
期号：suppl
出版社：Journal of Agribusiness
关键词：This research evaluates the interaction of new alternative insurance designs; forward pricing tools and the government revenue protection program while assuming a government loan program is in place. A numerical analysis is conducted using a revenue simulation model that incorporates futures prices; basis; and yield variability. Three crop insurance designs at 75 percent of yield guarantee are evaluated. Optimal futures and at-the-money put option hedge ratios are derived for expected utility maximizing of soybean producers. Sensitivity to loan rate levels are examined. Our results suggest that loan programs profoundly alter the optimal producer strategy.