Risk & Uncertainty

1004

Hedging Strategies in Risky Markets

Monday, 9:30 AM–11:00 AM

Washington State Convention Center, Level 2, Room 213

Selected Paper Session

Futures markets provide an opportunity for market participants to hedge price risks. Improving risk hedging strategies is the theme underlying these presentations.

Moderator: Jieyuan Zhao, North Carolina State University

Presentations:

Effectiveness of Weather Derivatives as Cross-Hedging Instrument against Climate Change: The Cases of Reservoir Water Allocation Management in Guanajuato, Mexico

Dmitry V. Vedenov, Leonardo F. Sanchez, Miriam Juarez-Torres, and Leonardo F. Sanchez, Texas A&M University

Hedgers' participation in futures markets under varying price regimes

Daniel J. Sanders and Timothy G. Baker, Purdue University

Do RIN Mandates and Blender's Tax Credit Affect Blenders' Hedging Strategies?

Zafarbek N. Ahmedov, Texas A&M University; Joshua D. Woodard, Cornell University

Dynamic Cross-Hedge Ratios: An Application of Copula Models

Jieyuan Zhao and Barry K. Goodwin, North Carolina State University

1058

Contract Design and Technology Adoption Under Uncertainty

Monday, 1:00 PM–2:30 PM

Washington State Convention Center, Level 6, Room 620

Selected Paper Session

Market uncertainty influences optimal contract designs and the decisions to adopt new technology. These papers investigate the manner in which risk affects participants in the livestock and energy markets.

Moderator: Nicholas D. Paulson, University of Illinois at Urbana-Champaign

Presentations:

Designing coordination contracts to support efficient flow-scheduling in pork chain

Jarkko K. Niemi, Agrifood Research Finland

Adoption of Energy-Saving Technologies under Market and Regulatory Risk

Zhengfei Guan, University of Florida; Feng Wu, Michigan State University

Livestock Gross Margin Insurance for Dairy: Designing Margin Insurance Contracts to Account for Tail Dependence Risk

Marin Bozic, University of Wisconsin; John C. Newton and Cameron S. Thraen, The Ohio State University; Brian W. Gould, University of Wisconsin

Optimal Contracts to Induce Biomass Production under Risk

Xi Yang, Nicholas D. Paulson, and Madhu Khanna, University of Illinois at Urbana-Champaign

1087

Crop Yield Risk: Geography, Technology, and Government Programs

Monday, 4:30 PM–6:00 PM

Washington State Convention Center, Level 6, Room 620

Selected Paper Session

Crop yields are subject to numerous risk factors. These presentations seek to improve the understanding of crop yield risk modeling by investigating the impacts of geographical, technological, and government intervention factors.

Moderator: Anton Bekkerman, Montana State University

Presentations:

Geography of Crop Yield Skewness

Xiaodong Du, University of Wisconsin; David A. Hennessy, Cindy L. Yu, and Ruiqing Miao, Iowa State University

Production Risk, Farmer Welfare, and Bt Corn

Santi Sanglestsawai and Roderick M. Rejesus, North Carolina State University; Jose M. Yorobe, Jr., University of the Philippines - Los Banos

Risk Reduction of LGM-Dairy and Potential Production Effects

Kenneth H. Burdine, Univ of Kentucky; Leigh J. Maynard, University of Kentucky

The SURE Program: An Investigation of Moral Hazard Opportunities and Adverse Selection Effects

Anton Bekkerman, Vincent H. Smith, and Myles J. Watts, Montana State University

2073

Measuring Risk Attitudes and Preferences

Tuesday, 4:00 PM–5:30 PM

Washington State Convention Center, Level 6, Room 603

Selected Paper Session

Presentations focus on understanding market participants' attitudes toward risk and uncertainty. Papers demonstrate innovative techniques to measuring risk attitudes and preferences.

Moderator: Kwansoo Kim, Seoul National University

Presentations:

Measures of Risk Attitude and Relation to Market Behavior

Jason Franken, Western Illinois University; Joost M. E. Pennings, Maastricht University / Wageningen University; Philip Garcia, University of Illinois at Urbana-Champaign

Common Knowledge: Removing Uncertainty in Risk Preference Assessments

Thomas W. Sproul, University of Rhode Island

The Assessment and Evaluation of Downside Risk: A Quantile Approach

Kwansoo Kim, Seoul National University; Jean-Paul Chavas, Bradford L. Barham, and Jeremy D. Foltz, University of Wisconsin

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