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Valuing Counter-Cyclical Payments: Implications for Producer Risk Management and Program Administration
英文名称:
Valuing Counter-Cyclical Payments: Implications for Producer Risk Management and Program Administration
作者:
Gerald Plato; David W. Skully; Demcey Johnson
工作单位:
USDA's Economic Research Service
来源地址:
https://www.ers.usda.gov/publications/pub-details/?pubid=45791
关键词:
2002 Farm Actfarm and commodity policycounter-cyclical paymentsrisk managementprice uncertainty
年份:
2007
出版地:
Washington, DC, USA
总页数:
38 pp
语种:
English
摘要:
A model developed for this analysis improved on the USDA method of estimating counter-cyclical payment rates by accounting for the variability in market price forecast errors. This enhanced method produced unbiased estimates. Forecasters and producers can use the model to calculate the probabilities of repayment. Producers can reduce the probability of repayment by using commodity futures contracts to hedge against losses in expected counter-cyclical payments. Hedging, however, is only moderately effective and varies by commodity.

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