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Economics and Management of Risk in Agriculture and Natural Resources


Annual Meeting of SERA-IEG-31

Gulf Shores State Park,
Gulf Shores, Alabama

March 22-24, 2001

A Comprehensive Assessment of the Role in Risk in Agriculture

March 22 - Thursday

7:00 pm

Reception for program participants and attendees.
March 23 - Friday


Welcome and Introductions
Part I. Behavior Under Risk: Conceptual Foundations and Their Significance for Agriculture.
Jack Meyer, Expected Utility as a Paradigm for Decision Making in Agriculture.
David Buschena, Non-expected Utility: What do the Anomalies Mean for Risk in Agriculture?
Jean-Paul Chavas, The Meaning and Significance of Imperfect Markets in Agriculture.
David Hennessy and Brent Hueth, Conceptual Foundations of Contracting in Agriculture.

10:15 - 10:30  Break

10:30 - 12:00

Part II. Standard Methodological Approaches and Their Applicability for Agriculture.
Robert Taylor, Programming Methods for Risk Efficient Choice.
Matt Holt, Econometric Approaches for Risk Analysis.
Richard Just and Gordon Rausser, Conceptual Foundations of Expectations and Related Econometric Issues.

12:00 - 1:15 pm  Lunch

1:15 - 3:15

Part III. Alternative Methodological Approaches for Risk Analysis.
Robert Chambers and John Quiggin, The Case for State Dependence.
Rulon Pope and Atanu Saha, Can Indirect Approaches Represent Risk Issues Adequately?
Lindon Robison and Bob Myers, Discrete Comparisons and Nonparametric Approaches.
Alan Randall and Brian Roe, Contingent Valuation as an Approach for Agricultural Risk Analysis.

3:15 - 3:30  Break

3:30 - 5:30

Part IV. Sources and Consequences of Agricultural Risk.
Barry Goodwin, Modeling Price and Yield Risk.
Michele C. Marra and Gerald. A. Carlson, Agricultural Technology and Risk.
Michael Roberts and Nigel Key, Does Liquidity Matter to Agricultural Production? How Transitory Yield Shocks Influence Subsequent Plantings.
J.A. Larson, B.C. English, and R K. Roberts, Does Risk Matter in Precision Farming? A Case Study Analysis for Variable Rate Application of Nitrogen on Corn.

March 24 - Saturday

8:45 - 10:15 am

Part V. Tools for Managing Agricultural Risks.
Keith Coble and Tom Knight, Crop Insurance as a Tool for Price & Yield Risk.
Peter Barry, Credit Risk Measurement and Management in Agriculture.
David Zilberman, Risk Management and the Environment.

10:15 - 10:30  Break

10:30 - 11:30

Part VI. Policy Issues Relating to Risk in Agriculture.
Joe Glauber and Keith Collins, The Case for Government Safety Nets and Disaster Payments.
Bruce Gardner, Policy Risk Faced by Farmers: Is it Important and Should It Be Considered By Policy Makers?

11:30 - 12:00

Part VII. Conclusions Regarding the Significance of Risk Research for Agriculture.
Wes Musser and George Patrick, How Much Does Risk Really Matter to Farmers?

12:00 - 12:30

Richard Just and Rulon Pope, Summary and Conclusions.

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